James Brennan's (jamesbrennan2) Blog

In response to the recent wave of 1031 exchange fraud, highlighted by the Landamerica case, Virginia has enacted a law which it hopes will better protect the integrity of 1031 transactions. Key to the new bill is the establishment of the three requirements, all of which are already standard prac...

When in the course of the 1031 tax exchange, it becomes necessary for one party (that of the exchanger) to notify the federal government of its activities, IRS Form 8824 is required. Its purpose is two fold: 1). Ensure the IRS is notified of the exchange in the tax year "in which the first relinq...