ALLOMONG & ASSOCIATES, P.C.

Phone: 917-946-1031

Email: tim@allomonglaw.com

Office Location: 410 West 48h Street, Suite 2, New York, NY 10036

© 2019 Allomong & Associates, P.C. All Rights Reserved.

A client came in last week asking me to represent her in selling a single-family in south Brooklyn. She said her and her mother own the house 50/50, and her mother died intestate (without a will) last year. This means that, since the daughter and mother owned the home...

Closing costs are a popular topic when it comes to the sale or purchase of any property, and your 1031 exchange certainly requires a close look at how these costs are allocated. Generally, a properly structured 1031 exchange requires that the Exchanger use the sale pro...

First, Section 121 deals with the IRS rules around the sale of your primary residence whereas Section 1031 deals with investment or business-use property that is exchanged for other like-kind investment or business-use property of equal or greater value.

 

Section 121 pr...

Not so fast. To qualify for a 1031 exchange, you must hold the property after the rehab/renovation phase for (1) investment purposes, or (2) productive use in a trade or business (e.g., the business of renting). There is no “holding period” defined in the tax code, but...

 

1031 exchanges may also include non-real estate assets (personal property) such as tangible hotel beds, business equipment, franchise licenses, or domain names. These are not individual belongings or personal use assets, they must have been held for productive use in...

Reverse exchanges are commonly structured under the guidelines set forth under IRS Revenue Procedure 2000-37. A safe harbor is available for reverse exchanges under the following conditions:

  • The replacement property is purchased in the name of an "exchange acco...

Section 1031 exchanges must be completed within 180 days after the sale of replacement property. The exception is when the April income tax filing deadline falls within that 180 day period, in which case the April filing deadline trumps the 180 day deadline. In other w...

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