Exchanging Thoughts

Going Back to Basics

Posted by Ellie Trovato on Fri, Jun 29, 2018

This Friday Free for All we will go back to basics. We will look at 1031 tax-deferred exchanges, what they are, their benefits, how they work and the rules involved.

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Topics: like-kind property, benefits of 1031 exchange, 1031 exchanges, 45-Day Identification Period, Same Taxpayer Requirement

Tips on Identification Guidelines and Rules

Posted by Ellie Trovato on Tue, Jun 26, 2018

Exchangers often have questions about identifying replacement property. Today’s Tuesday Tip will discuss 1031 tax-deferred exchange identification guidelines.

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Topics: 1031 like-kind property, 45-Day Identification Period, 200% Value Rule, Three property rule, Exchange identification rules

Time Extensions for Federally Declared Disasters

Posted by Ellie Trovato on Thu, May 31, 2018

With subtropical storm Alberto blasting the southeastern corner of the U.S and hurricane season right around the corner, it is important to know how Mother Nature’s unpredictability can affect your tax deferred exchange. Today’s Thankful Thursday addresses Section 17 of Revenue Procedure 2007-56 which provides extensions to exchange deadlines if you are affected by a federally declared disaster.

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Topics: 1031 Exchange, 45-Day Identification Period, identifying 1031 replacement property, Federally Declared Disasters, Rev Proc 2007-56

Tips for a Smooth 45-Day Identification Period

Posted by Margo McDonnell on Tue, Oct 25, 2016

The real estate market remains hot, which is very advantageous to sellers. To help avoid the stress sometimes associated with identifying replacement property within the 45-Day Identification Period, Exchangers are encouraged to look for replacement property once their relinquished property is under contract with a seller. No doubt, the 45 days go by quickly, but using the time between going under contract and the actual closing typically gives you 45-60 days before the timeclock starts clicking. This timeframe is before your 45-Day Identification Period ever starts, which gives you that extra time to navigate the identifications rules.

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Topics: earnest money deposits on 1031 replacement propert, 45-Day Identification Period, 1031 Replacement property

45-Day IDs that Make or Break a 1031

Posted by Margo McDonnell on Tue, Aug 14, 2012

One of the most important requirements of a successful 1031 exchange is the proper identification of replacement property within 45 days of when the relinquished property is transferred to a buyer. While this requirement seems simple to satisfy, for many, it creates a great deal of stress for a variety of reasons. Following are the most common issues that pop up and tips on how to avoid unnecessary worry. 

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Topics: 1031 exchange process, 45-Day Identification Period

Maximizing your 45-Day Identification Period

Posted by Margo McDonnell on Tue, Jul 10, 2012

It is true that 45 days is a very short period of time - especially when you have to determine the property or properties you want to identify for your 1031 exchange. If you closed on your relinquished property today, your 45th day will be August 24th and there is no doubt those 6.5 weeks will fly! However, wise investors take advantage of the time they have between the date the Agreement of Sale with the buyer was signed and the actual closing date. This period of time is usually between 30 – 90 days and will “extend” your identification period on the front end without the pressure of the clock ticking.

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Topics: 1031 Exchange, 45-Day Identification Period, identifying 1031 replacement property