Opportunity Zones – A Good Investment?

The Opportunity Zones that were created by the Tax Cuts and Jobs Act have generated a fair amount of buzz in the legal, accounting and real estate communities and have raised questions on application to 1031. An Opportunity Zone (OZ) is an economically distressed...

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In 2018 Are Your 1031 Exchange Funds at Risk?

1031 Due Diligence - Questions to ask a QI Section 1031 of the Tax Code requires that a 1031 Exchange intermediary hold the net sale proceeds from your sale until you purchase your new property. What you might not know is that during the last recession, real estate...

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1031 Tax Reform Update – June 2018

June 2018 As we all know, Section 1031 was preserved in the 2017 Tax Cut and Jobs Act (JCTA), but only for real property assets.  Personal property assets, such as machinery, equipment, vehicles, rolling stock, aircraft, collectibles and artwork, no longer qualify for...

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What Increases Tax Basis in a 1031 Exchange

What is tax basis? The term “basis” is the cost of a property for tax purposes.  When a property is initially purchased, its basis is the price paid for the property plus acquisition costs; often this is referred to as the “purchase money basis”.  Over the time the...

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How Tax Reform Helps Partnership Issues in 1031s

A partnership continues to exist until it is terminated. Before the Job Cuts and Tax Act, there were two ways that a partnership could be terminated. First, if no part of the business was carried on by any of its partners and second, if there was a transfer of 50% or...

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Non-Safe Harbor Reverse Exchanges

A “reverse” exchange occurs when the taxpayer acquires the Replacement Property before transferring the Relinquished Property. A “pure” reverse exchange, where the taxpayer owns both the Relinquished and Replacement Properties at the same time, is not permitted. As a...

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Exchange Cooperation Clauses

Relinquished Property Sale Contract “Notwithstanding anything to the contrary, Buyer hereby acknowledges that it is the intent of Seller to effect an IRC §1031 tax deferred exchange, which will not delay the closing or cause additional expense to Buyer. Seller’s...

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