Special End-of-Year Planning Alert for 1031 Like-Kind Exchanges

Your tax relief deadline might be closer than you think!

Remember, the deadline to complete a 1031 Refers to the "nature or character" of the property and not to its "grade or quality." That is, real property held for investment or the productive use in a trade or business may generally be exchanged on a tax-deferred basis for other real property. Personal property held for investment or the productive use in a trade or business may generally be exchanged on a tax-deferred basis for other personal property, provided the personal property is of "like kind" or "like class." Professional tax advice should be obtained when planning exchanges. Like-Kind Exchange (LKE) is the earlier of 180 calendar days, or the due date, with extension of your income tax return.  If you are currently participating in an LKE, be sure to contact your tax advisor right away.  You might have to extend your tax return in order to take advantage of the full 180 days.

If you are thinking about starting the LKE process, contact Accruit today.  Our representatives will carefully discuss the details and highlight how much money you can save through our custom LKE solutions.