1031 Exchange: Extensions for Presidentially Declared Disasters
IRS Provides Time Extensions for Taxpayers in Disaster Areas Internal Revenue Code sections 7508 and 7508(A) each provides a list of time-sensitive acts that are…
Author: Janna Perret
Janna Shearman-Perret is vice president and Regional Manager of First American Exchange Company, a division of First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance and settlement services for residential and commercial real estate transactions. Janna has worked in the exchange industry since 2004 and has attained the designation of Certified Exchange Specialist®.
Experienced in facilitating all types of 1031 tax-deferred exchanges, including real, personal, and multi-asset properties, she also specializes in and enjoys handling the more complex reverse and build-to-suit exchanges. She is a frequent speaker on the topic of 1031 exchanges and has had articles published in several trade journals. Janna has extensive experience in real estate transactional work, having worked for 20 years as a commercial real estate paralegal and licensed title insurance agent.
Janna prides herself on providing great customer service, backed by the financial strength and stability of an industry leader. She works closely with all parties involved to make the exchange a simple and seamless component of the transaction.
1031 Exchange: Tax Filing Requirements
REPORTING THE EXCHANGE A 1031 exchange is reported on the tax return for the year in which the exchange begins, i.e. the year the relinquished…
1031 Exchange: Reverse Exchange Overview
Section 1031 of the Internal Revenue Code permits a Taxpayer to defer capital gains tax when an investment property is transferred in exchange for another…
1031 Exchange: Exchanging With a Related Party
If you are contemplating doing an exchange with a party or entity related to you, it’s important to understand the additional rules involved. In some…
1031 Exchange: Holding Period Requirements
How long must property be held for investment in a 1031 tax-deferred exchange? This is one of the most commonly asked questions in an exchange…
1031 Exchange: Exchange Documentation and Procedures
To meet the requirements of the Qualified Intermediary (QI) safe harbor, there must be a written exchange agreement between the Taxpayer and the QI. The…
1031 Exchange: Cooperation Clauses
To create a valid 1031 exchange, the taxpayer must assign his rights under the purchase and sale agreement to First American Exchange. In addition, the…
1031 Exchange: Disqualified Parties
Persons or entities that are agents of the taxpayer at the time of the transaction are disqualified from acting as a Qualified Intermediary (QI). §…
1031 Exchange: Like-Kind Requirements
Internal Revenue Code Section 1031 applies only to “property held for productive use in a trade or business or for investment”. (IRC section 1031(a)(1)). It…
1031 Exchange: An Overview of Like-Kind Property
Like-kind real property is easy to define: All real estate in the United States is like-kind property. Section 1031 makes no distinction in qualities of…
1031 Exchange: Delayed Exchanges
A tax-deferred exchange allows you to preserve your wealth through reinvestment in “like-kind” assets. When you sell your interest in investment property, you may incur federal…
1031 Exchange: The Basics
TAX REDUCTIONS Knowing some basic rules behind Internal Revenue Code 1031 can help investors defer paying capital gain tax on property dispositions, resulting in more…