Edmund & Wheeler, Inc. specializes in assisting clients in strategies surrounding the implementation of Section 1031 of the US tax code. Section 1031 is a powerful way to defer capital gains taxes when you sell your real estate assets. As long as you stay in the real estate class, and don’t touch the money, you […]
The 45 Day Shuffle
I was talking with a client this morning who is two weeks away from the 45th day of his exchange. After selling his investment house in Connecticut for just over $800,000 with do debt he thought it was going to be easy to find a replacement in Portsmouth, NH. He had been looking at real […]
Investors Should Know Tax Code 1031
By Bill McIntosh Reprinted from The Spectrum – Mesquite, NV “The 1031 Exchange has been cited as the most powerful wealth building tool still available to taxpayers,” says a recent Internet article. Even if this is an exaggeration, those involved or just interested in real estate investments should have a general knowledge of Section 1031 of […]
Study Finds Repealing Like-Kind Exchange Rules Would Hurt U.S. Small Businesses
The Section 1031 Like-Kind Exchange Coalition released an economic impact study today which concludes that repealing the like-kind exchange rules would slow economic growth, reduce GDP and hurt many U.S. small businesses. Download/View the Study WASHINGTON, DC, March 18, 2015 (GLOBE NEWSWIRE) — via PRWEB – The Section 1031 Like-Kind Exchange Coalition (“Coalition”) released an […]
Why pro-growth tax reform must preserve like-kind exchanges
This article was written by Daniel L. Goodwin and posted to “The Hill” on February 24, 2015 Goodwin is chairman and CEO of The Inland Real Estate Group of Companies, Inc., one of the nation’s largest commercial real estate and finance groups. With our economic recovery finally accelerating, pro-growth tax reform offers the potential to […]
Tax Policy, IRC1031 and Politics – By Chris Hamilton
This article was reposted with permission by Chris Hamilton, Law offices of Young Wooldridge, LLP. Click here to contact. PART 1 This post is the first part of a two-part post describing a vital tax provision, IRC 1031. Part 1 will outline its operation and perceived benefits, while Part 2 will present some of the more common arguments against […]
Use of Condo By Son Blows 1031 Exchange For State Tax
Today I read an article on Forbes.com by an excellent 1031 resource Peter J. Reilly. Peter’s article explained how a Minnesota taxpayer exchanged raw land for a condo in Idaho. When the Minnesota tax department reviewed the transaction 4 years later they discovered that the taxpayer’s son had been living in the condo after the purchase, […]
The Planned Exit Strategy
While cash is always the gold standard, touching it can lead to unintended and expensive tax consequences. If the sale of investment assets leads only to cash, the long hard work of achieving equity can be diminished by over 30%. A strategy that utilizes a Section 1031 approach can keep all of the cash intact […]
When is Cash a Problem?
We are often asked if property can be exchanged and still provide some cash for other immediate needs? The short answer is yes, however, If you elect to take cash, it will be immediately subject to significant tax. The very tax you are trying to avoid is triggered (up to the amount you touch) […]
Beware of State Clawbacks when Using Section 1031
We have conditioned our clients to expect that state capital gains tax can be deferred along with the federal tax exposure by utilizing Section 1031 for their exchanges. It is true, most states will honor the deferral as long as the gain is being rolled into the new property. However, you should be aware that […]