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Re: Exchange expenses - replacement property

1031 exchange proceeds can be used to pay for routine closing costs . They must be paid through escrow. The taxpayer can not be reimbursed out of the 1031 exchange account or escrow. Costs incurred due to lender requirements are not routine closing costs but financing costs and would result in boot....

Posted to 1031 Exchange Structures (Forum) by Bill Exeter on 10-23-2008
Re: residential and/or investment property?

The critical issue involved here is they would need to prove under audit that they hand the intent to hold Lot B for investment. The fact that they had one mortgage and reported it as mortgage interest as their primary residence would make proving their intent more difficult. What was their intent for...

Posted to 1031 Exchange Structures (Forum) by Bill Exeter on 10-21-2008
Re: residential and/or investment property?

It depends on how the property owner treated and reported the property (Lot B). Did they treat and report it as investment property? The important requirement is what their intent was and how they treated and reported the property. They should have no problem qualifying for 1031 exchange treatment as...

Posted to 1031 Exchange Structures (Forum) by Bill Exeter on 10-20-2008
1031 Exchange into an American Mansion

We have a client that represents masions. The mansions can be used for events, parties, gatherings, weddings, and more, and most are available for sale as well. America Mansions .

Posted to Looking for Like-Kind Replacement Properties (Forum) by Bill Exeter on 10-07-2008
1031 exchange expert witness trial preparation

We do expert witness work in all 50 states and would love to work with you. We can do the original check on all parties involved in the 1031 exchange litigation to ensure we have no conflicts of interest, and then go from there.

Posted to 1031 Exchange Structures (Forum) by Bill Exeter on 10-04-2008
Re: Exchanging into Duplex

It depends. Will the client be coming up with other funds as well? Or, is the only source of funds coming from the 1031 exchange? Will there be new debt on the property? Also, is the value of the 50% of the duplex equal to or greater than the value of the commercial building that you client is selling...

Posted to 1031 Exchange Structures (Forum) by Bill Exeter on 10-01-2008
Re: 1031 Exchange

Hi James, I had heard that Maui had done that, but it still surprised me that they did so. Your question does not have a black and white answer. It depends! Frequent readers of this Exeter Discussion Board will recognize that It Depends! is my favorite answer. The key is that if you should be audited...

Posted to 1031 Exchange Structures (Forum) by Bill Exeter on 10-01-2008
Can you use a 1031 Exchange to purchase foreign property

Can you use a 1031 Exchange to purchase a foreign property (which is held using a California TIC structure)? We are selling a fractional apartment in Paris that is held first by an SCI (french real estate vehicle used to own a property with multiple, unrelated owners) and then by a California TIC. I've...

Posted to TIC Investments (Forum) by lauracdg on 09-23-2008
Past the 45 Day ID Period

Hi Blake, Sorry to hear about your situation. No, you can only change or alter your identified properties during the 45 day identification period. You can not change or alter your identified properties once the 45 day ID period has elapsed, and you must acquire something on your ID list. I would also...

Posted to 1031 Exchange Structures (Forum) by Bill Exeter on 09-20-2008
1031 exchange question

Hello, I have recently sold a business property that I have owned and worked at for 28 years. We have been attempting purchase a leased professional office building and to do a 1031 exchange. We had a property under contract, and we were already to close and assume the leases, when we find out there...

Posted to 1031 Exchange Structures (Forum) by blake on 09-20-2008

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