Posts by the1031xchange
Final Regulations Defining Real Property
On November 23, 2020, the IRS issued the final regulations defining real property for Section 1031 purposes. The proposed regulations were issued in June 2020. The FEA and several other parties submitted comments to the IRS on the proposed regulations in August. The IRS responded to the various comments in the final regulations by significantly expanding the definition of real…
Read MoreMarc Brooks featured in Receivership News
Prime West CEO Marc Brooks was recently featured in an article on 1031 Tax Deferred Exchanges in Receivership News. You can read the full article in the Summer 2020 issue here.
Read MoreCalifornia Receivership Newsletter Summer 2020 – Receiverships & 1031 Exchanges
Many of you may know that that I have continually been in the Escrow Business since 1982, but what you may not know is that I have been administrating 1031 Tax Deferred Exchanges since 1986 and been continually in the 1031 Tax Deferred Exchange Business since 1987. Thus, I have a unique prospective both on…
Read MoreNew 2020 California Tax Decision Validates “Drop and Swap” 1031 Exchanges
The California Office of Tax Appeals (“OTA”) finally denied (in a two to one decision) on January 28, 2020 the California Franchise Tax Board’s (“FTB”) request to rehear the Sahron Mitchell case, Case Number 18011715. Read the entire PDF
Read More45 and 180 Day Extensions for Disaster Areas in California and Iowa
From the FEA Government Affairs Committee: The IRS has issued extensions as follows: California: Lake, Monterey, Napa, San Mateo, Santa Cruz, Solano, Sonoma and Yolo counties that began on August 14, 2020. Iowa: Linn County on August 10, 2020. Listed counties are the “Covered Disaster Area”. [Please check the IRS disaster website periodically at the address listed below for updates because…
Read MoreStart an Exchange
With the help of an expert, starting a 1031 Exchange can be hassle-free. If you have an interest in saving money through investments, you are already well on your way to starting an exchange. Once you’ve decided to pursue a 1031 Exchange, contact the experts at Prime West Exchange. Even if you are still uncertain…
Read MoreExchange Terminology
1031 Exchanges, or tax-deferred exchanges under IRC §1031, have their own language. Like other areas of law, this language might be confusing to those unfamiliar with this specific type of transaction. Following are some important terms and phrases that can help break down 1031 Exchanges. Adjusted Tax Basis – Tурісаllу the іnіtіаl аmоunt paid for…
Read MoreExchange Basics
Whether you’re an established real estate investor or enthusiast, you’ve probably heard of a 1031 Exchange. As the name implies, the process involves exchanging one old “relinquished” property for a new or “replacement,” property. You will reinvest the proceeds from the sale of your investment property into a like-kind investment property to defer paying capital…
Read MoreWhat is a 1031 Exchange?
A 1031 Exchange is a transaction in which a taxpayer may exchange one investment property for one or more properties, deferring the tax consequences of a sale. Does a 1031 Exchange work with personal property? No. Onlу, Rеаl Eѕtаtе (also known as ‘real property’) that is hеld “for investment purposes” quаlіfіеѕ fоr a 1031 Exchange. …
Read MoreHow to Identify a Replacement Properties in a 1031 Exchange
Identifying new or “replacement” properties for a 1031 Exchange requires a working knowledge of tax requirements and protocol. Knowing your limitations and restrictions can make your exchange go more smoothly and efficiently. Thus, it is important to talk to a qualified expert to get the counsel you need to move forward with your exchange and…
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