New York 1031 Like Kind Exchange Tax Lawyers
Tax Attorneys to Protect Your Investment From Taxes
Property owners and real estate investors can save considerable sums by utilizing the tax advantages for reinvesting profits, commonly known as a 1031 like kind exchange. Attorney Joseph Callahan has over 25 years of legal experience as well as a master’s degree in accounting, and his extensive knowledge of tax law, including IRS code section 1031, assists people who wish to reinvest in real estate while avoiding the capital gains tax and provides counsel on tax-free exchanges and additional tax planning matters.
To schedule an appointment with our 1031 exchange attorneys, please call toll-free 844-MCC-4TAX.
To learn about any one of our office locations, please visit the page for your nearest tax attorney using the appropriate link to MCC4Tax.com below:
- Albany Tax Attorney
- New York City Tax Attorney
- Rochester Tax Attorney
- Syracuse Tax Attorney
- Utica Tax Attorney
- Watertown Tax Attorney
Comprehensive 1031 Exchange Services
We have the ability to facilitate 1031 exchanges involving large assets and all types of real property, including commercial, residential, agricultural, industrial and raw land. The firm can handle the entire exchange process, including:
- Drafting or reviewing buy-sell agreements
- Ensuring all contracts are correct
- Identifying the benefits and risks
- Providing counsel on how the exchange should be structured
In a 1031 or like-kind exchange, the seller avoids state and federal taxes by not directly receiving the proceeds from the sale. The money passes to a qualified intermediary who holds the funds while the seller prepares to invest in a new property. The seller must identify where he or she will reinvest the money within 45 days, and must invest in that property within 180 days.
The intermediary uses the funds to purchase the new property on the seller’s behalf. By bridging these separate transactions and avoiding direct seller involvement, the intermediary makes it possible to avoid the capital gains tax.
Mackay, Caswell & Callahan can provide counsel at all stages of the exchange process.