Description
Learn about the key issues impacting real estate 1031 likekind exchanges.
This topic covers critical IRS time deadlines in delayed exchanges, likekind requirements, including creative property variations like easements, transferable development rights, oilgasminerals rights, vacation homes held for investment, fractional ownership (DST and TICs), partnershipLLC scenarios (and how to best structure in advance of a 1031 exchange), reverse and improvement exchanges, related party transactions and how to avoid common pitfalls and other 1031 related issues. The information will provide a summary of current developments regarding applicable revenue rulings, PLRs, and other recent IRS guidance on current issues related to 1031 exchanges, including how to help taxpayers owning commercial property in an LLC or partnership plan in advance to help avoid issues at closing if only some of the LLC members or partners want to exchange including the drop and swap, swap and drop, and Partnership Installment Note (PIN) approaches. Finally, this will include a brief overview of what works and what does not when combining Qualified Opportunity Zones with 1031 exchanges.
Date: 2023-06-08 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to define which types of real property qualify and do not qualify for a 1031 exchange.
* You will be able to identify reasons why taxpayers exchange and how a taxdeferred exchange can help taxpayers improve their position in the market.
* You will be able to describe the interaction between QOZ and 1031.
* You will be able to discuss how parking arrangements (reverse and improvement exchanges) can help taxpayers in markets with little available inventory at favorable pricing.