1031 End of Year Reminders

As we are in the midst of the holidays, there are a few key 1031 things to remember.

  • California Clawback is effective on California properties sold on or after January 1, 2014. Read more
  • Tax straddling may be a viable option for you if you are currently considering a 1031 Exchange. Read More
  • The IRS has issued Disaster extensions under Rev Proc 2007-56 for counties in Illinois related to tornadoes and storm damage on November 17. Check the IRS website over the next couple of weeks to see if your county is included.  http://www.irs.gov/uac/Tax-Relief-in-Disaster-Situations