Tax,
Real Estate/Development
Feb. 4, 2020
Thought that failed Section 1031 exchange was taxable in 2019? Think again!
In fact, many investors who thought funds they received from Section 1031 exchanges last year are taxable and believe nothing could be done about it were surprised.
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
If you think a 2018 Section 1031 exchange that failed in 2019 is taxable and there is nothing you can do about it, think again. In fact, many investors who thought funds they received from Section 1031 exchanges last year are taxable and believe nothing could be done about it were surprised. Cash proceeds or boot received from exchanges started in 2018 -- deemed taxable in 2019 -- can be invested in an opportunity zone fund in 2020 on a tax deferred basis.
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