Owners of investment and business property considering the sale and reinvestment of their real property have choices that are far greater than their own neighborhood. Section 1031 Exchanges require that the new or replacement property be “like-kind” but that definition has expanded to include diverse investments; here are three examples of replacement property opportunities: Tenant-in-common […]
Section 1031, Tax Deferred Exchanges, can be used in concert with or as substitution for Section 1033, Involuntary Conversions- when a property is completely or partially destroyed by fire, natural disaster, theft or seizure or other taking or condemnation, including the disposition of the property upon threat or imminence of condemnation or eminent domain. Section 1033 […]
While Section 1031 has been in the Internal Revenue Code since 1921, it has been enhanced and expanded numerous times since inception. The 1991 regulations provided several “safe harbors” to protect transactions from being disallowed. These “safe harbors” define the edge of safety and effect when an exchangor is entitled to the receipt of exchange […]
