Tax Straddling – Pay Taxes in 2020 or 2021?
When a 1031 Exchange is opened in the later part of the year, a seasonal treat worth mentioning is “tax-straddling”. If that exchange is successfully completed, those taxpayers defer taxes to receive the benefits of the 1031 Exchange. However, if that exchange fails and is not completed, taxes will be due. The treat for those taxpayers is that they may still qualify for a “mini-tax deferral” (via tax straddling) where they can report and pay their taxes on their 2020 tax returns instead of immediately on their 2019 tax returns.
Here is the technical explanation of how tax straddling works. Let’s assume a taxpayer attempts an exchange with bona fide intent in the later part of 2019… Read more here
Where to Invest in Winter Getaway Rental Property
IPX1031 recently researched top destinations for Airbnb locations and guess what winter locations were top of the list? Sunny and not surprising. If you are thinking about your next 1031 investment property, take a look at what our research uncovered.
1031 & Cybercrime
Fraud and cybercrime has escalated. Technology and tactics used by cybercriminals to access financial, corporate and personal data, particularly relating to real estate transactions, continues to evolve. Bottom line, any of your data and transactions could be at risk. What can you do to protect yourself? Read more here.
IPX1031 President Wins FEA President’s Award
Congratulations to John Wunderlich, IPX1031 President, EVP and Regional Manager of FNF, for being honored with the Federation of Exchange Accommodators (FEA) 2019 President’s Award for distinguished service. “This is an honor earned and well-deserved,” said Suzanne Goldstein Baker, IPX1031 EVP and General Counsel. Read more here
IPX1031. The best choice for your 1031.
IPX1031 is the largest and one of the oldest Qualified Intermediaries in the United States. As a wholly owned subsidiary of Fidelity National Financial (NYSE:FNF), a Fortune 300 company, IPX1031 provides industry leading security for your exchange funds as well as considerable expertise and experience in facilitating all types of 1031 Exchanges. Taxpayers’ funds are held in segregated accounts using the Exchanger’s taxpayer identification number. Our nationwide staff, which includes industry experts, veteran attorneys and accountants, are available to help you and your legal and tax advisors. For additional information regarding IPX1031 and questions on 1031 Exchanges, please review:
How Important is Your Qualified Intermediary?
Opportunities of the 1031 Exchange
1031 Exchange and Defer? Or Sell and Pay Taxes?
Capital Gains Estimator
IPX1031 Knowledge Center
