If you closed on your 1031 exchange relinquished property in the last quarter of 2023 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...
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 intent to do an exchange but does not complete the exchange by receiving...
We have published and distributed annually on our website www.1031.us the comprehensive IRS form 8824 Workbook by Ed Horan titled “Reporting the Like-Kind Exchange of Real Estate Using IRS Form 8824.” The workbook is written and made available...
Section 1031 exchanges are not included in net investment income ( NII ). The proposed IRS regulations to implement IRC Section 1411 were circulated for comment in December 2012. It was clearly stated in the prologue to the proposed regulations that deferred gain from...
While there was much discussion in the media over tax rates for 2013, the Alternate Minimum Tax (AMT) exemption for 2012 was still to be resolved. Fortunately the last minute ‘fiscal cliff bill’ tackled the AMT exemption, making it permanent and tied to inflation....
Reporting a loss in a 1031 exchange. To avoid paying a large tax on recaptured depreciation, many qualified taxpayers do a 1031 exchange when they have a loss. Usually due to a low adjusted basis resulting from taking a lot of depreciation. The question is, how do...
