Real estate blog entries tagged with relinquished property by Lisa Lambert, Esq. (1031 Exchange Expert) (The Law Offices of Elisabeth A. Lambert)

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Home : Blogs : Lisa Lambert, Esq. (1031 Exchange Expert) : 1031 Exchange Expert: Qualified Intermediary, 1031 Exchanges, Accommodator, California and the U.S., etc., etc, : Tag "relinquished property"

relinquished property: 1031 EXCHANGES MAY BENEFIT INVESTORS FACING FORECLOSURE - 06/26/08 06:32 PM

I know it sounds weird but it could help an investor in a very specific set of circumstances.
In the last post we examined the options available for taxpayers who had debt forgiven or canceled on their principal residence. But what about those who own investment property who are facing a short sale or foreclosure? Are there tax consequences when debt is forgiven or canceled on those types of properties? You bet!
Given the challenging conditions in the real estate market, some taxpayers may be faced with the prospect of foreclosure or a short sale arrangement with their lender. Taxpayers … (8 comments)

relinquished property: 1031 Exchanges - Terminology Part II - What Does an "Upleg" Have to Do With Investment Property? - 03/12/08 09:46 PM

LIKE-KIND PROPERTY: Any property used for productive use in trade or business or held for investment; both the relinquished and replacement properties must be considered "like-kind" to qualify for tax deferral.
MORTGAGE BOOT: This occurs when the Exchanger does not acquire debt that is equal to or greater than the debt that was paid off on the relinquished property sale; referred to as "debt relief." This creates a taxable event.
QUALIFIED INTERMEDIARY: The entity who facilitates the exchange, defined as follows: (1) Not a related party (i.e. agent, attorney, broker, etc.); (2) Receives a fee (3) Receives the relinquished property from the Exchanger … (0 comments)

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Lisa Lambert, Esq. (1031 Exchange Expert)

Fresno, CA

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The Law Offices of Elisabeth A. Lambert

Address: 1222 W. Shaw Avenue, Fresno, CA, 93711

Cell Phone: (559) 433-5399

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Discussing 1031 Exchange Issues and Related Real Estate Issues in California. Specifically focusing on the Merced, Madera, Fresno, Selma, Reedley, Oakhurst,Visalia, Hanford, Porterville and Bakersfield areas.

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