Intro to 1031-Exchange Rules for Real Estate Transactions: Identifying Property, Required Documentation, Basis, Form 8824
Recording of a 60-minute premium CLE/CPE video webinar
This course will provide an overview of Section 1031 like-kind exchange rules and guide counsel through the complicated transactional process of real property exchanges. The panel will provide an overview of the components of like-kind exchanges, what property qualifies for like-kind exchanges, the exchange participants and their roles, understanding critical dates, Form 8824, and best practices throughout the process.
Outline
- Framework of Section 1031 like-kind exchanges
- Eligible assets
- Timing requirements and use of qualified intermediaries
- "Boot," debt, basis, and gain calculations
- Structures
- Forward exchanges (Deferred Exchanges)
- Reverse exchanges (Parking Arrangements – Exchange Last)
- Other Considerations
- Planning opportunities using SMLLCs, TICS, other structures
- Limitations regarding exchanges by partnerships and s-corporations
- Limitations of the Section 1031(f) related-party rules
Benefits
The panel will discuss these and other key issues:
- What types of real estate and other interests are considered "like-kind"?
- What is the role--and restrictions--of the qualified intermediary?
- Limitations like the 1031(f) restrictions exchanges with related parties and the “same taxpayer rule”
- Avoiding pitfalls like actual and constructive receipt of income; qualified purpose; qualified use, and the same taxpayer rule.
Faculty
Clint Kakstys
Member
Sills Cummis & Gross
Mr. Kakstys’ practice focuses on the acquisition, disposition and financing of commercial properties. He... | Read More
Mr. Kakstys’ practice focuses on the acquisition, disposition and financing of commercial properties. He represents owners of properties throughout the U.S. in connection with purchases and sales, with particular emphasis on shopping center transactions. Mr. Kakstys also represents institutional lenders in the origination of commercial mortgage loans for their securitization and balance sheet lending platforms. His practice encompasses financing a variety of property types throughout the country, including retail, multifamily, office, hotel and industrial assets, and he has experience with a wide array of financing structures and deal features, including subordinate and mezzanine debt, 1031 and reverse 1031 exchanges, leasehold mortgages, industrial development agency interests and tenancy-in-common ownership. Mr. Kakstys also has experience representing clients in connection with loan purchases, sales and modifications and commercial leases and subleases.
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James T. Walther, Esq., LL.M.
General Counsel
Legal 1031 Exchange Services
Mr. Walther is General Counsel at Legal 1031 Exchange Services, LLC, where he advises the leadership team and plays a... | Read More
Mr. Walther is General Counsel at Legal 1031 Exchange Services, LLC, where he advises the leadership team and plays a key role supporting business operations. He oversees Legal 1031’s parking exchange program, specializing in reverse and improvement exchanges and other complex transactions. Before joining Legal 1031, Mr. Walther practiced law at a Philadelphia firm, focusing on real estate, employment, and commercial law. His background also includes roles in real estate and finance, enhancing his expertise in transactional structuring. Mr. Walther is admitted to practice in Pennsylvania, New Jersey, and the U.S. Tax Court. He holds an LL.M. in Taxation from Temple University’s Beasley School of Law, a J.D. from Rutgers School of Law, and a B.A. in Political Science from Stony Brook University. A frequent speaker on IRC §1031 tax-deferred exchanges and real estate taxation, Mr. Walther educates legal, accounting, real estate, and financial professionals through seminars and continuing education programs. He is a certified instructor for Real Estate Continuing Education and Continuing Legal Education in multiple states. Additionally, Mr. Walther authors articles and technical content on 1031 exchanges, real estate and business taxation. His insights have been featured in national tax and real estate publications.
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