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New 1031 'like kind' exchange rules
Can someone explain what the ramifications for RE investment are? Does this just make 1031's more restrictive? https://rsmus.com/what-we-do/services/tax/federal-tax/irs-issued-proposed-section-1031-regulations-for-like-kind-excha.html
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- Qualified Intermediary for 1031 Exchanges
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@Jeff Copeland, Well it's an attempt by the government to clarify and simplify. Which means it will accomplish neither.
For 95% of exchanges it's not going to make much difference at all. A duplex is universally understood to be a duplex and all. So I don't see it doing much there. And general classes of real estate don't seem to be affected much. So that is business as usual. Where I can see this having a big accounting impact is on cost segregation, documentation of that and carry forward in an exchange.
@Andy Becker, the nuts and bolts of this I think are going to surround minutiae and not really impact most 1031s. For instance making the distinction between a gas line that serves a stove as personal property vs a gas line that serves the heater system and so is real property.
Like there's not enough going on now anyway??!!! But what happened to the murder hornets? Did I miss the murder hornets?
- Dave Foster
