At its most basic level, a Sec. 1031 exchange is all about insulating taxpayers from receiving taxable gain from a sale. In addition to providing counsel, the function of a Sec. 1031 intermediary is to prevent the taxpayer from receiving sale proceeds. Intermediaries are therefore necessary in every type of 1031 transaction, except for direct swaps. If a […]
We’ve devoted several posts to debt terminology (i.e. debt resolution, debt consolidation, etc.). In this post, we’d like to follow this same style and discuss a few terms which you’ll find in advanced Sec. 1031 research. These are terms which you won’t usually find in the most straightforward 1031 exchanges. As we know, 1031 exchanges […]
In the past, we’ve touched on various issues related to state taxation of 1031 exchanges. For instance, in our post on New York State, we mentioned the requirements which pertain to state tax withholding, tax forms, and the layers of tax which can apply. We’ve also discussed the unique case of Pennsylvania. As you may recall, […]
As we’ve seen, the basic concept of a 1031 exchange is simple, but certain exchanges can present many complex issues. We’ve covered complex topics such as the partnership installment note method, leasehold exchanges and others. Part of the reason for the complexity is the lack of clear authority. The IRS has issued documents of their […]
As with any other area of law, the law of Sec. 1031 has gradually developed over the course of time. When Sec. 1031 was first introduced in the early 20th century, its contours were still unclear. The lawmakers who created the section had a sense of what it meant, but its operation, in practice, was […]
Choosing the right qualified intermediary to handle your 1031 exchange is an extremely important issue. A wrong move here can lead to the collapse and failure of a 1031 transaction. To successfully complete an exchange, taxpayers must do more than comply with the main paragraph of Section 1031. They also have to follow all of the […]
Those who fall into debt have a variety of options to select from when trying to climb out. We’ve devoted plenty of time and energy discussing some of the more commonly selected options. We’ve gone over debt consolidation loans, for instance. We also discussed other types of debt relief, including forbearance, settlement and bankruptcy. Each debt […]
The goal of every Section 1031 exchange is to defer capital gains taxes. To achieve this, taxpayers need to acquire like-kind property in place of their property. At the moment, there is no cap or ceiling on the total tax liability which can be deferred through Section 1031. Politicians have discussed placing such a cap, but […]
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