1031 tax exchanges part: 1031 Tax Exchanges Part 11 - 01/09/09 06:39 AM
Accommodators it is Real Estate Exchange Services, Inc.'s responsibility to counsel with the exchanger, structure the exchange, prepare the documentation, coordinate the closing (for the exchange portion of the transaction) and maintain preparation for IRS audit.
This is all I have on 1031 Tax Exchanges. If you need help you can e-mail me at lucastaylor@century21beggins.com.
 
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1031 tax exchanges part: 1031 Tax Exchanges Part 10 - 01/09/09 06:35 AM
Remember! Exchanges must be reported in the tax year that the relinquished property was closed, regardless of the tax year the acquisition property was closed.
The Internal Revenue Code Section 1031 is only one page in the total code, however the Rules and Regulations are more than 65 pages with hundreds of Private Letter Rulings. As members of the Federation of Exchange
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1031 tax exchanges part: 1031 Tax Exchanges Part 9 - 01/09/09 06:33 AM
Don't miss the identification period (45 days) or the closing date (180 days). A reputable Qualified Intermediary will not act on back dated information or late identifications, and the IRS is unforgiving on such matters.
Do contact Real Estate Exchange Services regarding trusts, corporations, partnerships, option money, seller financing, personal property included in the sale, farm and ranch property, multiple units with one side owner occupied.
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1031 tax exchanges part: 1031 Tax Exchanges Part 8 - 01/09/09 06:28 AM
Don't plan to sell and invest the funds in property you already own. Funds applied toward property already owned are considered "Goods and Services", not "Like Kind" properties.
Don't change the manner of holding title during the exchange, or dissolve partnerships. A change in the exchanger's legal relationship to the property will jeopardize the Exchange. Maintaining "Continuity of Title" is critical to the Exchange
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1031 tax exchanges part: 1031 Tax Exchanges Part 7 - 01/09/09 06:26 AM
Do remember these basic rules. To qualify for a complete tax deferral use all proceeds from the relinquished property to purchase the replacement property. Make sure the debt on the replacement property is equal to or greater than the debt on the relinquished property. An exception occurs when a reduction in equity cannot be offset by increasing debt. And finally, receive on Like Kind" property. Real Estate cannot be exchanged for jewelry, stocks, mutual funds, etc.
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1031 tax exchanges part: 1031 Tax Exchanges Part 6 - 01/09/09 06:15 AM
Do attempt to sell before you purchase. Occasionally exchangers find the ideal replacement property before the relinquished property is sold. In this situation a "Reverse Exchange" may be necessary. I am happy to discuss Reverse, Build To Suit, and Improvement Exchanges. You can always e-mail at         lucas taylor @century21beggins.com or at Lucas C Taylor @gmail.com
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Lucas Taylor (Keller Williams Miami Beach )

Lucas Taylor

Miami Beach, FL

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Keller Williams Miami Beach

Address: 1680 Meridian Ave #101, Miami Beach , FL, 33139

Office: (305) 695-1112

Mobile: (305) 741-5397

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