When a 1031 Exchange is complete, the Exchanger or their tax advisor will need to include IRS Form 8824 with the Exchanger’s federal tax return for the year the Relinquished Property transferred.
Become a 1031 Exchange Expert: Unleash Your Potential with these Valuable Resources and Educational Videos
Watch this quick tutorial for more information about taxable Boot in a 1031 Exchange.
Prior to the transfer of the Replacement Property, it is critical that IPX1031 has prepared the proper Replacement Property documentation which will make the Exchanger’s acquisition part of the exchange. Watch this quick tutorial to know what IPX1031 will need prior to close.
Timing for the Exchanger to access exchange proceeds is regulated by law. Watch the video tutorial here to know when 1031 Exchange funds can be accessed.
Any Tax Deferred 1031 Exchange completed pursuant to Section 1031 needs to involve what is known as Like Kind properties.
Replacement Property identification is important in 1031 Tax Deferred exchanges. If an exchange fails, it’s often because of deficiencies or discrepancies in the identification of Replacement Properties. Take a few minutes to make sure you and your client understand how to properly ID your Real Estate Exchange Properties.
To ensure a successful exchange, the exchanger should be aware of these two common 1031 Exchange pitfalls.
Although we are very experienced in facilitating 1031 Exchanges, IPX1031 cannot provide you with tax, legal or financial advice.
Before the Relinquished Property transfers in a 1031 Exchange, the executed exchange documents should be sent to IPX1031. At closing, the exchange proceeds are wire transferred to IPX1031, and the clock starts for the Exchanger’s 180-day exchange and 45-day identification periods.
For a successful 1031 Exchange, the taxpayer must comply with the 1031 regulations. It is important to remember that IPX1031 is here to help every Exchanger and Advisor through the entire Tax Deferred Exchange process.
The Reverse Exchange is becoming more and more popular because it offers the exchanger additional flexibility. Watch this quick video tutorial to learn if a Reverse Tax Deferred 1031 Exchange is right for you.
If you are a resident of or have your principal place of business in California, Georgia or Alabama, you may be considered an “affected taxpayer” that is eligible to significantly extend the 1031 Exchange timelines. To determine if you are an “affected taxpayer” please review this blog post on our website and consult with your tax advisor.
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