Tax in Action: Practical Strategies for Tax Pros

The 1031 Exchange Basics

Listen Later

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.

Sponsors
SafeSend - taxshow.promo/safesend


  • (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

    • Connect with Jeremy
    https://www.linkedin.com/in/jwellstax
    https://www.steadfastbookkeeping.com

    Subscribe on YouTube
    https://www.youtube.com/@TaxinAction

    Earn CPE for Listening to This Podcast
    https://www.earmark.app/

    This podcast is a production of the Earmark Media

    ...more
    View all episodesView all episodes
    Download on the App Store
    Tax in Action: Practical Strategies for Tax ProsBy Jeremy Wells, EA, CPA
    • 4.9
    • 4.9
    • 4.9
    • 4.9
    • 4.9

    4.9

    14 ratings

    More shows like Tax in Action: Practical Strategies for Tax Pros

    View all
    Planet Money by NPR

    Planet Money

    30,666 Listeners

    Main Street Business by Mark J Kohler and Mat Sorensen

    Main Street Business

    582 Listeners

    Tax Smart Real Estate Investors Podcast by Hall CPA

    Tax Smart Real Estate Investors Podcast

    426 Listeners

    The Accounting Podcast by Blake Oliver & David Leary

    The Accounting Podcast

    333 Listeners

    The Indicator from Planet Money by NPR

    The Indicator from Planet Money

    9,517 Listeners

    Small Business Tax Savings Podcast by Mike Jesowshek, CPA

    Small Business Tax Savings Podcast

    261 Listeners

    Building the Premier Accounting Firm by Roger Knecht

    Building the Premier Accounting Firm

    17 Listeners

    The Ezra Klein Show by New York Times Opinion

    The Ezra Klein Show

    15,855 Listeners

    The Weekly Show with Jon Stewart by Comedy Central

    The Weekly Show with Jon Stewart

    10,736 Listeners

    Earmark Podcast | Earn Free Accounting CPE by Blake Oliver, CPA

    Earmark Podcast | Earn Free Accounting CPE

    27 Listeners

    Oh My Fraud by Caleb Newquist

    Oh My Fraud

    138 Listeners

    Tax Chats by Dyreng and Hoopes

    Tax Chats

    38 Listeners

    Unofficial QuickBooks Accountants Podcast by Alicia Katz Pollock, MAT

    Unofficial QuickBooks Accountants Podcast

    44 Listeners

    Federal Tax Updates by Roger Harris, EA and Annie Schwab, CPA

    Federal Tax Updates

    34 Listeners

    The Mr. R Show by Chris Picciurro and John Tripolsky

    The Mr. R Show

    0 Listeners