An Indiana farmer was looking to initiate a forward 1031 exchange, selling farmland for a vacation rental property in the Florida Panhandle. His Realtor in Florida referred him to Atlas 1031 Exchange. The Realtor called to let me know her contact that he works long hours. Born and raised around farms in Indiana, I knew […]
The client found Atlas 1031 Exchange on the web and discovered simple explanations and a local Midwestern presence. He felt the depth of 1031 content on the web site was a strong indication Atlas 1031 knew what they were doing. In addition, he felt comfortable reviewing the content and calling with questions. He was new […]
“Andy made it easy. He called to check up with me and kept me informed of the next step. He helped me a lot and I didn’t have to worry. This is my first 1031 exchange and I will do it again with Andy. He did a great job.” This was a 1031 exchange where […]
This 1031 exchange was a referral from a title company in Destin, Florida. The client sold a vacation property held as a rental and replaced with another rental property in a forward 1031 exchange. The identification of three properties was made prior to the 45th calendar day. Each property was for a purchase price greater […]
Real estate investors should be familiar with the requirements of the Internal Revenue Code Section 1031 exchange. All too often, taxpayers have mis-interpreted or received bad information that can potentially jeopardize the tax consequence of their real estate investment. A 1031 exchange allows the taxpayer subject to federal and state taxes to defer the federal and state capital gain along with the depreciation recapture taxes when selling and replacing with like-kind property. The deferral represents an indefinite interest free loan that is not due until the replacement property is sold. Imagine an interest free loan that can represent up to forty percent of the sales price.
A change to the 1031 exchange is proposed in the Administration’s Fiscal Year 2015 Revenue Proposals to be effective for all like-kind exchanges completed after December 31, 2014. On page 102 of the 297 page budget proposal, the modification to the 1031 exchange is recognized as a loophole closer.