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Real Estate Transactions › Like Kind Exchanges

Rivkin Radler LLP

Drop & Swap Like-Kind Exchange Passes Muster in New York

Rivkin Radler LLP on

New York’s personal income tax law, like that of other states, conforms with the federal system of income taxation. The reason typically given for such conformity is to simplify tax return preparation, improve compliance and...more

Greenberg Glusker LLP

Los Angeles "Mansion Tax" - Measure ULA, Its Impact on Property Owners, & Refunds

Greenberg Glusker LLP on

In November 2022, Measure ULA, commonly known as the "Mansion Tax," was passed into law by the City of Los Angeles voters. This tax applies to all categories of real estate, including commercial, industrial, and residential...more

Tucker Arensberg, P.C.

1031 Tax Deferred Exchanges Still Alive

Tucker Arensberg, P.C. on

Commercial real estate professionals and investors spent much of 2021 worrying about the continued availability of 1031 tax deferred exchanges for investment real estate. There were a number of proposals floating around...more

Lowndes

As Tax Filing Deadline Approaches, Avoid This Trap for the Unwary If You Have an Open 1031 Exchange

Lowndes on

In the senior living area, a taxpayer that is selling a community may look to avoid recognizing gain on the sale by entering into a Section 1031 like-kind exchange with respect to the real estate. The tax rules generally...more

Polsinelli

Additional Guidance Issued for President Biden’s American Jobs and American Families Plan

Polsinelli on

In April 2021, President Biden announced the “American Families Plan,” which included some significant tax law changes. Among the proposed changes included in the “American Families Plan” was the increase of the tax rate that...more

Goulston & Storrs PC

Section 1031 Update: Proposed Regulations and the COVID-19 Relief Extension Date

Goulston & Storrs PC on

Summary - On June 11, 2020, the Treasury Department released proposed regulations regarding like kind exchanges under Internal Revenue Code section 1031 (“1031 Exchange”).  The regulations clarify a number of outstanding...more

Lowndes

IRS Extends Like-Kind and Qualified Opportunity Zone Deadlines

Lowndes on

Section 1031 of the Internal Revenue Code allows a taxpayer to sell real property (the relinquished property) and replace it with real property of a like-kind (the replacement property) without recognizing tax on the sale if...more

Lowndes

Have an Open Like-Kind Exchange? Don’t Fall Into This Trap

Lowndes on

A common tax planning tool for real estate transactions is to engage in a like-kind exchange of real estate.  If structured properly, a taxpayer can sell real property (the relinquished property) and replace it with new...more

Coblentz Patch Duffy & Bass

California's Changing Approach to Like-Kind Exchanges

Coblentz Patch Duffy & Bass on

Internal Revenue Code (IRC) Section 1031 allows nonrecognition of gain or loss where property held for investment or for productive use in a trade or business is exchanged for like-kind property held for the same purpose. ...more

Farrell Fritz, P.C.

Effecting Exchanges of Property Through a Partnership

Farrell Fritz, P.C. on

In the last two posts, we saw how a Taxpayer who transfers Property A to a partnership (“Partnership”) in exchange for an equity interest therein will not be required to recognize the gain realized on the transfer. This gain...more

Farrell Fritz, P.C.

When A “Tax Free” Exchange May Not Be Free of Tax

Farrell Fritz, P.C. on

“Tax free” – two words that often bring great delight when they are spoken by a tax adviser to the owner of a business, whether he is considering the disposition of a single asset, or of substantially all of the assets, of...more

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