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How did 1031 Exchange do in the New Tax Law?

By Drew McCabe | January 11, 2018

First, the bad news, personal property 1031 Exchanges are, now, not allowed.  If you started your personal property 1031 Exchange prior to January 1, 2018, you can still finish it.  But, moving forward, personal property can no longer receive 1031 Exchange treatment.  This mostly affects fleet exchanges (i.e. semi-trucks and rental cars), antique dealers, airplane owners, heavy equipment, etc.

The good news, however, is that the tax reform does not affect the 1031 deferral of real estate.  Taxpayers can continue to use the powerful investment tool of Section 1031 Exchange for the Exchange of commercial properties, residential properties, industrial properties, vacant, farms, ranches and even mineral interests.

So, while it is unfortunate to see personal property 1031 Exchanges go, it is a relief to many real estate investors to know that the new tax reform does not take away a significant real estate investment tool, the 1031 Exchange of real estate.

For more information please call us at 303.789.1031 or send us an email at info@erg1031.com.

Posted in Press Release, Uncategorized

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IRS Extends 1031 Like-Kind Exchange Deadlines in the Wake of Various Natural Disasters

Each listed Disaster Areas has its own Disaster Date on which tax relief, including the extension of 1031 Exchange deadlines, is keyed. The IRS’s Disaster Relief Notices, in conjunction with Revenue Procedure 2018-58, give taxpayers two options to extend their 1031 Exchange deadlines: a general relief option (for Exchanges in progress on or after the Disaster Date) and an extended relief option (for Exchanges in progress on or before the Disaster Date). Depending on when your Exchange began, you may qualify for one or both of these options.

Please consult with your tax advisor for further guidance. The Notice reference and Disaster Date for each Disaster Area follows.

Click here for the full article

Sincerely,

Drew McCabe, President
Exchange Resource Group, LLC

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