Tax
Jun. 23, 2022
Can you exchange out of California real estate without paying taxes?
Most people understand at least the rudiments of 1031 exchanges, but a surprising number of them seem to get messed up. Lawyers may or not be involved, and there is an entire industry of 1031 accommodators out there.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Under 1031 of the tax code, if you exchange real estate for ‘like-kind’ real estate, gain is postponed until you sell your replacement property. Real estate moguls and investors – even big developers – count on this tax provision. But until recent years, it wasn’t just real estate. Starting in 2018, swaps of Bitcoin for Ethereum, exchanges of private aircraft, paintings or coin collections don’t qualify.
Now, only real estate qualifies, an...
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