A 1031 Exchange Extension has Finally Been Granted

IRS EXTENDS 1031 EXCHANGE PERIOD April 1st and July 15th, If you’re in a 1031 Exchange, don’t forget these dates. Recently the IRS offered property owners in the middle of their 1031 exchange some much-needed relief with the release of Notice 2020-23. Under this notice, the IRS granted automatic extensions to: • Anyone that sold (relinquished) property with their 45-day…

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What is Like-Kind Property?

Written by Rusty Tweed   Many of the people that come into my office have a huge misconception of what types of properties they can exchange into.   Most people I’m dealing with are selling multi-family rentals, for example, a four-plex or 6-unit apartment building.  They think that the IRS definition of “like-kind property” is another four-plex or 6-unit building.  The…

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Is It Time for Your Next 1031 Exchange?

Written by Rusty Tweed   Savvy real estate investors have long used periodic 1031 exchanges to maintain leverage, increase income and equity, and eventually divest themselves of “tenants, toilets, and termites” by exchanging into professionally managed properties.  What Does 1031 Refer To? 1031 refers to Section 1031 of the U.S. Internal Revenue Code, which allows real estate owners to exchange…

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