1031 Exchange Basics
What happens if two or more taxpayers own property together, as tenants in common, and decide that they want to go their separate ways? Additionally, what happens if one of the taxpayers decides they want to do a 1031 Exchange and the other owner, decides it wants to...
1031 Exchange Basics
What happens to the 1031 Exchange validity when a transactional mistake causes a violation of IRS 1031 Exchange rules? As a Qualified Intermediary, I am always concerned that an accidental mistake could invalidate an otherwise valid 1031 exchange. For example: What...
1031 Exchange Basics
The good news is that IRS has issued 1031 Exchange Timeline Extensions on some 1031 deadlines. But the notice (Notice 2020 – 23) was not written like the past Disaster Relief Notices, so there may be more clarification to come. Last week I informed you of the...
1031 Exchange Basics
CAN THE GOVERNMENT GIVE AN EXTENSION TO THOSE PARTIES IN A SECTION 1031 EXCHANGE AS A RESULT OF THE CORONAVIRUS? Yes. Federal law permits the IRS to grant taxpayers affected by a federally declared disaster additional time to perform certain time-sensitive acts As...
1031 Exchange Basics
Clients ask “What if the 1031 Exchange Fails to Complete?” Over the past month, three attorneys have asked the same question; When can the Exchanger receive their funds back when a 1031 Exchange transaction fails to complete properly? What are the 1031...
1031 Exchange Basics
What Happens When 1031 Exchanges Fail to Complete? My primary goal as a Qualified Intermediary (QI) is to ensure that our client engages in a successful 1031 exchange, resulting in deferred capital gains taxes, etc. 1031 Exchanges are not successful every single...
Stephen Wayner is an attorney, Certified Exchange Specialist (CES), and Managing Director of Liberty 1031. Mr. Wayner is recognized as a leading authority on the subject of 1031 exchange transactions. He is a current board member of the Federation of Exchange Accommodators (FEA) and is the author of numerous books and articles on 1031 Exchanges and real estate investing.
Mr. Wayner has been cited as an expert on 1031 Exchanges in publications including USA Today, NewYork Times, Business Week, and The Wall Street Journal among many others.