Accruit is committed to closely monitoring the marketplace for factors that may have a potential impact on our clients and partners. The IRS recently issued a ruling that we believe is of interest to many companies with 1031 exchange programs, and we thought we'd take this opportunity to offer some details on that ruling.
It should be noted that this is not intended as tax advice - Accruit does not provide tax guidance. We do, however, ...
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Category: ‘1031 Exchange Tips’
IRS Chief Counsel Advisory 201025049: are there implications for your 1031 exchange program?
July 15th, 2010 by Brent AbrahmExplaining 1031 exchanges to partners, customers, colleagues and friends
July 1st, 2010 by Sam SmithAll of us here at Accruit are used to it. A friend, family member, acquaintance or somebody we just met at a party says "what does your company do?" The truth is that not a lot of people know much, if anything, about 1031 like-kind exchanges (LKEs), and it's not always the easiest thing to explain. The more they know about finance and tax issues, the easier it is, but even then it can be tricky communicating the code in ... (Read the rest of this entry)
1031 Exchange Tips: a look at simultaneous exchanges (or swaps)
June 10th, 2010 by Steve ChaconEducation has always been a key component of the like-kind exchange (LKE) industry and frankly, it has always been one of the more enjoyable parts of my job. Despite the fact that the 1031 exchange business focuses on a very narrow part of the tax code, there will always be significant challenges associated with anything that involves the IRS. So for this month's 1031 Tips, I'm stepping back and reexamining the most basic type of 1031 exchange, the simultaneous LKE, ... (Read the rest of this entry)
Like-kind exchange insight: when can exchangers get their proceeds back?
May 7th, 2010 by Steve Chacon
Exchangers frequently inquire about when they may receive all, or part of their exchange proceeds back. It is a question I have been asked countless times, and in certain circumstances giving the right answer can be difficult. We're talking, after all, about the proceeds from the exchanger's sale, and sometimes the need for their return is pressing. Regardless of the need, though, there are very rigid regulations regarding when ...
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1031 exchange tips: selecting the right QI
March 8th, 2010 by Steve ChaconChoosing a Qualified Intermediary (QI) is an important decision, and as such, the process shouldn't be taken lightly. After all, your QI will be guiding you through a maze of federal and state requirements as well as safeguarding the proceeds from the sale of your relinquished property. Given the potential tax consequences involved with an improperly structured exchange and the safety issues related to your proceeds, a ...
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1031 Single Exchanges: you don’t have to run a big program to benefit from like-kind exchanges
March 2nd, 2010 by Sam Smith1031 exchanges come in many varieties: simultaneous, forward delayed (single), reverse, improvement, and repetitive programs. They can be conducted with real estate, with tangible corporate assets, with collectibles and other personal investment assets, and even with some kinds of intangibles, such as licenses and mineral rights. As we've noted elsewhere, Accruit handles all kinds of 1031 exchanges and we provide the only comprehensive, fully integrated like-kind exchange (LKE) solution in the industry. We have historically made a name for ourselves ... (Read the rest of this entry)
Many dealers are eligible to use like-kind exchanges
February 10th, 2010 by Steve ChaconRecently, I've had a number of conversations addressing whether dealers, distributors or manufacturers are eligible to defer taxes through the use of like-kind exchanges (LKEs). For many, the answer is yes. To begin, let's look beyond the definitions we typically use to describe our businesses. By examining what type of property is specifically excluded from exchange treatment and then defining qualifying property, we can take a case-by-case approach to determine if a particular item, or group of items, can meet the ... (Read the rest of this entry)
Cost reduction strategies for the New Year: banking replacement properties
January 12th, 2010 by Steve ChaconCongratulations! By now you've completed your preliminary budgeting for the New Year. Practically speaking, you probably aren't quite there yet, but like many others, you're close to finalizing your 2010 numbers. Pondering the broader economy, analyzing the smaller markets and sprinkling in a little under-promising with a dash of over-delivering - we've all been through it before. And while many of us don't especially enjoy the budgeting process, we very much appreciate the value returned when we do it well. Although the ... (Read the rest of this entry)
Questions you should ask a 1031 exchange provider before you enter an agreement
January 6th, 2010 by Sam SmithThere are hundreds of 1031 like-kind exchange providers in the US, and any business looking to do LKEs, whether it's one single exchange or a huge program, is advised to ask a lot of questions to make sure they've found the best provider for their requirements. Some of these questions are probably obvious to any experienced businessperson. You're looking for a business with expertise in your industry (if you're exchanging heavy equipment, a qualified intermediary that has only done ... (Read the rest of this entry)
1031 exchanges and the agriculture industry
December 17th, 2009 by Sam Smith
AgProfessional.com has just published an article on 1031 like-kind exchanges (LKEs) and their value for the agriculture industry, and Accruit President/CEO Brent Abrahm is quoted extensively. Of particular interest to companies that are new to LKEs is a brief section outlining what to look for in a Qualified Intermediary or LKE solution provider.
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- Is the company a member of the Federation of Exchange Accommodators, the industry's professional trade organization?
- Will funds be held in dedicated accounts