We’ve covered numerous issues related to Section 1031 on our blog in the past. We’ve discussed state tax issues, the use of vacation homes, New York co-ops, reverse 1031 exchanges, all above and beyond the basic principles of 1031 transactions. As we’ve seen, Section 1031 can get a bit tricky when you consider all of the myriad rules and […]
When an investor sells investment real estate, they face not just a single layer of taxation but several layers. That’s why Section 1031 is such a potent weapon. In total, taxpayers face up to four distinct layers of investment real estate tax. They come into play when taxpayer’s […]
In the past, we’ve discussed some issues that can arise in a tax-deferred Section 1031 like kind exchange. We’ve also covered the variations on the standard “delayed” exchange. We’ve seen that taxpayers may want to utilize certain, different, scenarios. One issue that comes up frequently with real estate investors in a 1031 exchange is the […]
Tax is full of opportunities for people who have creativity. If you can master different pieces of tax knowledge, there’s possibilities for combining these pieces together to build effective tax reduction. Or even tax elimination. But, in addition to having mental command over the material, you also need the ability to think outside the box. That is, […]
In the past, we’ve discussed the mechanics of standard, “forward” Section 1031 exchanges. We’ve also discussed reverse exchanges. There is another variation on Section 1031 exchanges. It, too, has the potential to be extremely valuable in certain situations. This variation is an “improvement exchange”. Other names include a construction exchange, or build-to-suit exchange. Improvement exchanges involve the acquisition […]
Section 1031 like-kind exchanges have come up on our blog multiple times in the recent past. This isn’t surprising. Section 1031 can be an extremely powerful wealth maximization tool. It figured prominently as a matter of debate in the most recent series of tax code revisions. Fortunately for taxpayers, the real estate provision of Section 1031 survived the […]
When a 1031 exchange occurs, one point to keep in mind is that it may generate state level tax issues. Though it’s part of the federal tax code, Internal Revenue Code (IRC) Section 1031 can trigger state taxation depending on the precise facts and circumstances of the individual transaction. A few states in our nation […]
Along with Section 121, the tax deferral provision of Section 1031 is among the most valuable. Both provide unique opportunities to taxpayers under the tax code. As we’ve covered previously, Section 1031 allows taxpayers to defer recognition of capital gains. It does so when real property held for investment or business purposes is exchanged for other like-kind property. […]
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