The 1031 Exchange Basics

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Tax in Action: Practical Strategies for Tax Pros

Jeremy Wells, EA, CPA

14 episodes

5 days ago

Join Jeremy Wells, EA, CPA, as he breaks down the complexities of tax law into practical guidance you can apply immediately. Each episode focuses on a specific tax strategy, credit, or compliance issue that matters to tax professionals and business owners. Rather than theoretical discussions, Jeremy delivers actionable insights based on real-world scenarios and current tax regulations. Whether you're navigating Section 1031 exchanges, maximizing research credits, or helping clients with energy tax incentives, this podcast provides the technical details and strategic considerations you need to confidently serve your clients. Perfect for tax practitioners looking to deepen their expertise and business owners wanting to make more informed tax decisions.

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The 1031 Exchange Basics

Tax in Action: Practical Strategies for Tax Pros

57 minutes

4 months ago

The 1031 Exchange Basics

Jeremy Wells breaks down the fundamentals of Section 1031 exchanges, explaining how real estate investors can defer capital gains taxes by swapping properties rather than selling and buying separately. He clarifies common misconceptions about these transactions, walks through the strict timing requirements including the 45-day identification and 180-day completion rules, and examines court cases that reveal when the IRS challenges whether replacement properties were truly intended for investment purposes. The discussion covers qualifying property types, disqualified persons, and the practical mechanics of using qualified intermediaries to facilitate these tax-advantaged exchanges.

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(00:00) - Introduction to 1031 Exchanges
(02:06) - Understanding the Basics of 1031 Exchanges
(04:15) - Mechanics of a 1031 Exchange
(08:22) - Qualifying Property for 1031 Exchanges
(19:24) - Case Studies: Real-Life 1031 Exchange Scenarios
(29:17) - Taxpayer's Genuine Effort to Rent Property
(30:47) - Disqualified Persons in Section 1031 Exchanges
(34:03) - Understanding Like-Kind Property
(43:55) - Deferred Like-Kind Exchanges
(51:48) - Reporting Like-Kind Exchanges on Form 8824
(56:26) - Conclusion and Final Thoughts

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https://www.linkedin.com/in/jwellstax
https://www.steadfastbookkeeping.com

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This podcast is a production of the Earmark Media