1031 Like-Kind Exchanges

Do a 1031 exchange in Gulf Shores

Herbert Law Firm LLC can help you with a 1031 exchange, and everything that is involved in this type of transaction. We have the experience to get you through the process quickly and easily. IRS Section 1031 provides that the exchange of certain types of property will not result in the recognition of gain or loss: “No gain or loss shall be recognized if property held for productive use in a trade or business or for investment purposes is exchanged solely for property of a like-kind.” Learn more about this below and call us to sit down and discuss the possibilities. 

 An Introduction to 1031 exchanges

It is usually difficult to find someone who has the property you want, who is willing to accept the property you wish to relinquish. Direct barter has it inefficiencies. Fortunately, by using a “qualified intermediary,” a taxpayer can convert what would otherwise be a sale and subsequent purchase into an exchange with no recognition of gain. We can assist you with this.
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Reverse exchanges and
improvement exchanges

My firm is prepared to structure Section 1031 Exchanges as “reverse exchanges” or as “improvement exchanges.” These are now authorized under IRS Revenue Procedure 2000-37. This procedure provides a “safe harbor” for taxpayers engaged in a “reverse” exchange – a tool I have employed for years – but which is now recognized as acceptable by the IRS. Often a taxpayer has found property which he wishes to accept as replacement property in a like-kind exchange, but he does not yet have a buyer for his relinquished property (or he may have several possible relinquished properties on the market).
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How to exchange vacation property

The I.R.S. will not challenge whether a vacation property or second home qualifies for a Section 1031 Exchange if certain specified ownership and use requirements are met. 

The IRS released Revenue Procedure 2008-16 providing definite guidelines for a safe harbor 1031 exchange.
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