4056 Tampa Road, Oldsmar, Florida
In a simultaneous exchange, the buyer and the seller exchange properties at the same time.
In a reverse exchange, you buy the new property before you sell the old property.
In a deferred exchange, the buyer and the seller exchange properties at different times.
This exchange allows a taxpayer to use profit from the sale of an existing property to fund improvements to, or building of, a new property.
Debbie is a Tampa Bay area native. She attended Stetson University on a Presidential Scholarship and at 19-years-old, Debbie graduated cum laude and earned the distinction of being Stetson’s youngest graduate since its founding in 1883.
She attended Cornell Law School – one of the five Ivy League law schools – and became the first person in her family to obtain a graduate-level education. In 2012, Debbie returned to law school and obtained a Master of Laws (LL.M.) in Taxation from Washington University in St. Louis. In this program, Debbie focused her coursework on sophisticated personal estate and tax planning.
In order to defer ALL capital gains and depreciation recapture taxes from the sale of the Relinquished Property the taxpayer must pay an equal or higher price for the Replacement Property than the Relinquished Property was sold. Should any debt or amount not be reinvested this portion, called boot, would
Below is a simple guide that can help determine if your situation qualifies for a 1031 exchange and if a 1031 exchange seems like the best option for your upcoming real estate transaction. Do you, or your entity, pay US taxes? If yes, then you are eligible for a 1031
One of the most common questions asked is whether or a not a vacation property qualifies for a 1031 exchange. There are three basic rules for including a vacation home in a 1031 exchange that were introduced by the IRS in 2008. For a vacation home to qualify as relinquished
Since 1991, IRC § 1031 has required the use of an impartial third party to hold the proceeds from the Relinquished Property sale until the close on the Replacement Property. This third party is known as a qualified intermediary. Not only does the qualified intermediary hold the funds during the
Receive our latest blog posts directly in your inbox!