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How to Blow a 1031 Exchange

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August 15th, 2013

Recently, I had a taxpayer call me about the sale of some farm land.  The taxpayer had sold 80 acres for $960,000 that they had inherited from his mother about 20 years ago.  The tax basis in the property was about $150,000 so they were facing an $800,000 long-term capital gain which would cost them […]

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1031 Tax-Deferred Exchange Does Not Always Defer All Taxes!

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February 18th, 2013

With farmland prices at or near an all-time high, many farmers are considering selling their farmland and rolling over the gain into other real estate on a tax-deferred basis using a Section 1031 tax-deferred exchange.  Under these rules, the farmer has 45 days from the date of closing (not when you sign the offer) to […]

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