Tax-Free Exchanges Of Like Kind Property
Real estate owners and real estate investors know that the tax code allows for tax-free exchanges of like kind property (frequently referred to as Section 1031 exchanges after the Internal Revenue Code sections that permits these exchanges). The Baton Rouge real estate attorneys at The Cohn Law Firm LLC assist clients throughout Louisiana with Section 1031 real estate exchanges.
What Makes 1031 Exchanges Complicated?
A 1031 exchange of real estate involves strict requirements that must be observed. Some of the issues that our attorneys can assist in resolving, and providing experienced advice, include the following:
- Characterization of qualified properties: We advise clients on whether their property or the property they seek to acquire qualifies as “like-kind” property for a 1031 exchange
- Timing issues: There is only so much time to identify your replacement property and close on the new property. Our attorney can explain the rules and how they will apply in your situation
- Tax issues: We advise on tax exchanges and limiting tax liability in real estate exchanges
Competent representation and timely, cost-effective advice is important when it comes to transactions that as 1031 exchanges of real property. Clients exchanging commercial real estate, rental properties, apartment complexes and other real estate call upon our services for our ability to provide sound advice and skilled representation throughout the real estate transaction.
Ensuring All Necessary Requirements Are Met
Do you have questions about making a 1031 real estate exchange in Louisiana or would like to discuss your 1031 exchange transaction with an experienced real estate lawyer? Please schedule a confidential consultation by calling us at 225-754-9868 or by sending us an email.