Section 1031 of the Internal Revenue Code allows for a tax deferment on the exchange of 'like kind- income-producing property. In essence, an individual may trade an old income-producing or commercial capital asset for a new one of 'like kind- without paying tax on any of the gains. Instead, the tax is deferred until the chain of exchanges is permanently broken. Commercial real property can qualify for a tax-deferred exchange, providing that the transaction is properly managed through the cooperation of many different professionals. This module outlines the uses of 1031 exchanges, covering what constitutes exchangeable property, the definition of 'like kind,- the roles of different professionals in 1031 exchanges, the benefits and drawbacks, as well as the different types of exchanges commonly used for real estate transactions. A real estate professional familiar with the Section 1031, its meaning, use and scope, will be able to expand his or her clientele base and will be better equipped to advise investor and commercial clients over the course of their transactions, from the property finding phase through closing.
Upon completion of this course, the student will be able to:
- Be able to identify motivated buying and selling clients.
- Be able to identify the restrictive rulings of the 1031 exchange program.
- Know charitable strategies of creating income and tax relief for individuals or families owning highly-appreciated real estate.
- Know the parameters that the IRS uses to define a valid 'like kind- exchange.
- Know the pros and cons of various exchanging alternatives.
- Know the mechanics of a successful tax-deferred exchange and the role of each party in those exchanges.
- Be familiar with exchange documentation and the role of a qualified intermediary.
- Understand what constitutes boot and how to deal with it.
1031 Real Estate Exchanges - NYS Department of State Division of Licensing Services Bureau of Educational Standards
End of Course Instructions
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