iowa farmland exchanges: The 45-Day Identification Period - A Hindrance or Not So Much? - 01/11/08 11:07 AM
Part of a successful Section 1031 tax-deferred exchange is meeting the requirement that potential replacement properties be properly identified within forty-five calendar days after the closing of the relinquished property.
Time out for definitions: Replacement property = the properties that an exchanger would consider purchasing to replace the ones s/he is … (12 comments)
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iowa farmland exchanges: European-Based Insurance Group to Create U.S. Headquarters in West Des Moines - 01/08/08 12:00 PM
The acquisition of land in West Des Moines for the United States headquarters of London-based Aviva was finalized recently. Aviva is the fifth-largest insurance group in the world based on gross worldwide premiums as of 12/31/06. Aviva US is ranked #1 in sales of "indexed life insurance," which appears to be … (4 comments)
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iowa farmland exchanges: "Home Prices Fall by Record 6.7%" - What Do You Think? - 12/27/07 09:24 PM
The headline in the Des Moines Register Business section today says, "Home prices fall by a record 6.7%." That's in October year-over-year terms, according to the article. The story also notes that October was the 23rd consecutive month during which prices either fell or grew more slowly than they did in … (5 comments)
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iowa farmland exchanges: Iowa Farmland Sees Its Greatest Increase in Value Since 1976 - 12/19/07 05:22 PM
According to the Des Moines Register, Iowa farmland prices set a record this year for the fifth year in a row. The average price of farmland in Iowa is now $3,908 per acre. This is based upon an annual survey conducted and released by the Iowa State University Extension. Here’s the … (6 comments)
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iowa farmland exchanges: An Iinteresting and Fun Experience - 12/17/07 09:45 PM
Something interesting happened last week, and it turned out to be a lot of fun. I had the opportunity to visit by phone with another ARer, Jason Smith. Jason is exactly the kind of real estate agent I like to deal with when I need someone to represent me: the kind … (2 comments)
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iowa farmland exchanges: Dealer Property Issues—Property Held for Sale - 12/17/07 05:03 PM
There is often confusion when it comes to defining what property qualifies for an exchange. Sometimes it is easier to describe situations that do not qualify. Real estate that is owned as “stock in trade or other property primarily for sale” cannot be exchanged. This type of property is deemed … (4 comments)
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iowa farmland exchanges: The Anatomy of a Simple Exchange Transaction - 12/11/07 07:28 PM
One of the most common questions I get asked is something along the lines of "Can you just explain to me how an exchange actually works?" Just as no two real estate sales are identical, no two exchanges are the same. What this blog attempts to do, however, is present … (6 comments)
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iowa farmland exchanges: “Held for Investment”—What's That? - 11/08/07 04:31 PM
“HELD FOR INVESTMENT”—WHAT'S THAT?
The actual wording of Internal Revenue Code §1031 says that in order to qualify for tax-deferred treatment, the property owner must sell property that has been “held for productive use in a trade or business or for investment” (emphasis added) and purchase property of like-kind. Often, … (0 comments)
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iowa farmland exchanges: What Real Estate Agents Need to Know About §1031 Tax-Deferred Exchanges - 10/26/07 04:37 PM
It's clear that Section 1031 tax-deferred exchanges provide real estate agents a tremendous opportunity to increase commissions. But more importantly, you are serving your client's best interest when you are able to recognize an opportunity for a tax-deferred exchange. Think about it. What's better for your client? Paying taxes, or being … (2 comments)
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iowa farmland exchanges: Section 1031 Tax-Deferred Exchanges—An Overview - 10/24/07 04:18 PM
WHAT IS SECTION 1031?
Section 1031 of the Internal Revenue Code (IRC) allows an owner of investment property to defer the payment of federal and state capital gain taxes by purchasing “like-kind” property following the rules and regulations of the IRC. Capital gain taxes are typically 15% of the gain, … (2 comments)
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iowa farmland exchanges: What Is A Qualified Intermediary? - 10/22/07 04:48 PM
Let's talk about what a Qualified Intermediary does, and even what a Qualified Intermediary is. The Internal Revenue Code establishes the use of a Qualified Intermediary as a "Safe Harbor" for the performance of a tax-deferred exchange under the rules and regulations of Section 1031. What's a Safe Harbor? Essentially, it … (0 comments)
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iowa farmland exchanges: Tax-Deferred Exchange 101 - 10/18/07 05:01 PM
I thought for my first blog post I would provide an overview of what Section 1031 tax-deferred exchanges are all about. This is going to be geared toward those folks who have never heard of tax-deferred exchanging, or perhaps they've heard of them but don't know much at all about them. … (4 comments)
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