Tax in Action: Practical Strategies for Tax Pros

The 1031 Exchange Basics

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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

    • Connect with Jeremy
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    Tax in Action: Practical Strategies for Tax ProsBy Jeremy Wells, EA, CPA
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