Only in certain circumstances are the 45 and 180 day Section 1031 time limits extended.
Archive | Section 1031 Basics
Will Section 1031 Be Around for the Long Run?
At first glance, one might be tempted to say that Section 1031 is an overly generous provision of the tax code whose time has passed. But wait: Section 1031 was first passed into law on March 8, 1921, in the waning days of the Wilson Administration, and has been reviewed and commented upon in nearly […]
Structured Sales – A Solution for a Failed Exchange
While this technique is not for everyone, rather than face the taxes due when an exchange fails, this may be an option that will provide tax relief. The disappointment of a failed exchange (one where the identification fails or the replacement property is undesirable) is exasperated by the tax consequences of having to pay the […]
Edmund & Wheeler Facilitates Exchange of the 1697 “Molitor Strad”
From 1695 to 1725 Antonio Stradivari hand crafted his finest instruments. He built some 1,100 instruments during this time (not all were violins) some estimates indicate that there are still over 600 of these instruments still in existence. Recently, the Molitor Strad (once reportedly owned by Napoleon) was sold at auction by Tarisio for a record breaking $3.6M. The instrument […]
Splitting Heirs
The transfer of wealth from one generation to another will hit its peak in just a few years and understanding the tax impact on the heirs is an important consideration.
Risk & Reward – Stock Vs. Real Estate
In a perfect world your investment portfolio would contain a combination of Real Estate, Stocks, Bonds, Mutual Funds and Cash providing both long-term and short-term instruments. Diversification of your assets is key to riding out the peaks and valleys of investment performance. In today’s changing economic environment, understanding your exposure to risk will ultimately define […]
What’s In a Name?
If you are conducting a Section 1031 Exchange, “what’s in a name” can be the difference between a successful exchange and one that will fail on its face. This provision, called the Identity of Taxpayer Rule, requires that the same person or entity that sold the old or Relinquished Property be the same one that […]
What Is Going To Happen to Capital Gains?
By Dave Owens, CPA Republished with Permission As someone that has been in the tax business for over twenty years, I cannot ever remember seeing any predicament like the tax code is in now. Most people do not realize but I believe there will be major tax legislation sometime in 2010. There has to be. […]
Selling Your Second Home without Paying Capital Gains Tax Takes Planning
It is possible to convert property from one type to another without tax consequences. Your primary residence can become your rental/investment property and your investment/rental property can become your primary residence.
The $600K Mistake. Don’t let this happen to you.
I took a call from a taxpayer yesterday. She wanted to ask some questions about a Section 1031 exchange. Her accountant told her to get in touch with us. Great, that’s what we do. She informed me that she and her husband purchased some land many years ago in what was then “way out of […]