If you closed on your 1031 exchange relinquished property in the last quarter of 2021 and still have an active 1031 exchange you may want to file an on-time tax return extension. The IRS 1031 regulations say: “The exchange period begins on the date the taxpayer...
Receiving 1031 Escrow Funds in Following Year, here are some examples: The IRS 1031 regulation (§1.1031(k)-1(j)) provides that if an exchanger receives 1031 escrow funds from the qualified intermediary at the end of the exchange, or if the exchanger had a bona fide...
Continuity of title is an important component of a 1031 exchange. Remember: 1031 exchanges are about deferring taxes. The same taxpayer(s) that sells a property must be the same taxpayer(s) that owns new replacement property(ies). We strongly recommend you check who...
Treasury Notice 2020-23; this Notice provides an extension to July 15, 2020 for taxpayers whose 45-day identification period or 180-day exchange period fall between April 1, 2020, and July 14, 2020. Likewise, taxpayers engaged in reverse exchanges whose 45th day to...
Many of our clients are contacting us regarding the status of their 1031 exchanges due to the ongoing measures being implemented in response to the COVID-19 pandemic. We are monitoring the situation closely and wanted to provide an update to our clients regarding the...
