Tax
Dec. 8, 2020
Internal Revenues Service finalizes Section 1031 real property definition
On Nov. 25, the Internal Revenue Service finalized its proposed Section 1031 regulations, issued on June 12.
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.
What exactly is "real property?"
As part of the Tax Cut and Jobs Act of 2017, Congress restricted Code Section 1031 Exchanges -- which allow deferral of capital gains taxes on the sale of certain investment properties -- to only real property, a term that was not previously defined in the regulations. On Nov. 25, the Internal Revenue Service finalized its proposed Section 1031 regulations, issued on June 12.
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