When a Taxpayer sells relinquished property between the dates of October 15th and December 31st, he or she may have LESS than 180 days to complete the transaction…..
Many Taxpayers are not aware that if they have a failed exchange there are specific instances in which they may have the ability to report and pay the gain in the subsequent tax year…
The IRS has just issued Revenue Procedure 2008-16 which establish guidelines for 1031 safe harbor treatment of rental/vacation property…
For further information on the above topics and other IRC 1031 Exchange information, please visit Real Estate Exchange Services at www.rees1031.com and sign up for their newsletter.
Since individual circumstances can differ, the information contained herein does not constitute the provision or receipt of legal advice by the attorneys at Roach, Geiger & Caudill and should not be relied or acted upon without consulting a qualified professional.