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iowa reverse exchange: What Could Possibly Go Wrong? - 03/01/11 02:04 PM
"What could possibly go wrong" should not be the thinking of someone entering into a Section 1031 exchange! An individual who contemplates a Section 1031 exchange should question and understand what is going to happen to his or her money during the exchange.
In my opinion, the foremost obligation of the Qualified Intermediary during a Section 1031 exchange is to protect his clients' funds while the funds are in the care of the Qualified Intermediary. The client should fully understand exactly how his funds are to be held and what protections will be utilized for the protection of those funds. Liquidity … (1 comments)
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iowa reverse exchange: DIY 1031 - Not So Fast - 02/17/11 05:08 PM
Have you ever thought about trying a Section 1031 as a DIY (Do It Yourself) project? If so, you might want to think again. Read on.
A couple in Arizona tried to do it themselves and paid a steep price as a result. They sold a piece of Arizona property for $76,000, took $10,000 of that as earnest money, and the balance was placed in an escrow account with a title company. The couple made any number of mistakes as they planned their DIY exchange. Among them, they neglected to state their intentions to enter into an exchange prior to their … (0 comments)
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iowa reverse exchange: Taxes - Where Do We Stand? - 10/06/10 01:21 PM
With the US tax code comprising so many thousands of pages and only getting larger, it's getting more and more difficult to keep up on what's happening. This article is intended to be a short overview of some of the latest actions and inactions by our lawmakers. It is also intended to be strictly a recitation of the facts; no political spin or opinion included.
Most recently, the 2010 Small Business Jobs Act ("SBJA") passed the Senate (9/16/10), the House (9/23/10), and was signed into law by President Obama (9/27/10). While its name might indicate otherwise, the law impacts large businesses … (2 comments)
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iowa reverse exchange: Case Study Corner - An Exchange that Morphed into an Improvement Exchange - 07/07/10 06:04 PM
David had sold the farm that he had owned for many, many years and realized a capital gain of $800,000. With that money, he entered into a Section 1031 tax-deferred exchange with us and went out to find his new property. His intention was to find an apartment building that would provide a nice income.
What he found was a property that he could purchase for $650,000, which left him with $150,000 on which he would owe taxes to both the federal government and the state in which he lived. At that point, he considered trying to find another property such … (0 comments)
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iowa reverse exchange: Case Study Corner - Reverse Exchange Rolls into Standard Exchange - 04/12/10 04:01 PM
Mary and Michael had an unusual situation. They had a firm contract to sell their farm that was set to close on September 17 (we'll call this transaction "S17"), but they were also under contract to buy a farm with that closing set for July 26 ("J26"). A pretty clear-cut reverse exchange situation, but there was a wrinkle.
The price of S17, the farm they were selling, was $1.6 million, and the agreement on J26, the one they were buying, was only $700,000. They fully intended to purchase additional property to use up the remainder of the $1.6 million they would … (0 comments)
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Ken Tharp - Section 1031 Exchanges, Iowa/U.S.
West Des Moines,
IA
More about me…
Iowa Equity Exchange
Address: Des Moines, Iowa, Nebraska, Kansas, Oklahoma, Missouri, South Dakota, North Dakota, Minnesota, Wisconsin, Illinois, Indiana
Office Phone: (800) 805-1031
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