EquipEx

04/30/2020

Over 40 real estate professionals signed on to attend Ken Palmen of Exchange Resource Group's webinar about 1031 Exchange advanced topics! Join us for one of many our upcoming CE webinars and remain educated and informed while staying safe at home. Visit our website to register and view updated webinars weekly! http://bit.ly/2Soc4e6

04/23/2020

1031 EXCHANGE TIMEFRAMES EXTENDED BY THE IRS

Dear Valued Client/Partner,

We are pleased to share the following information with you. On April 9th, the IRS issued guidance (Notice 2020-23) providing time-constraint relief for Section 1031 Like-Kind Exchanges. Under this deadline extension language, it appears that any 45-day or 180-day deadline occurring between April 1 and July 14 will be extended to July 15, 2020.

Example 1: For a 1031 Exchange that began on April 1st, 2020, the 45-Day Identification Period Deadline would normally be May 16th. Under the Notice, this deadline is extended to July 15th, 2020. The Exchanger must still close on all replacement property by Day 180 of their Exchange (the Exchange Period Deadline), which is September 28th, because this date falls after the July 15th ending date of the extension period.

Example 2: For a 1031 Exchange that began on December 15th, 2019, Day 45 was January 29th. This ID Period Deadline is not extended because it fell prior to April 1st. Although their 180-day Exchange Period Deadline falls on June 12th, the Exchanger receives an extension under the Notice to July 15th.

1031 Exchanges are designed to promote economic growth throughout the country and in our communities. We are pleased that the IRS has determined that investors utilizing this beneficial section of the Internal Revenue Code to make real property reinvestments while deferring tax liabilities should not be harmed by the effects of the COVID-19 pandemic. As with other pandemic-related information, guidance here is not comprehensive and may not be final. We will do our very best to share new information as we receive it.

This information is not to be construed as tax or legal advice. ERG strongly recommends that anyone contemplating a 1031 Exchange consult with their tax and/or legal advisors in-advance.

Sincerely,

Ken and the ERG Team
303-579-5545 direct

03/20/2020

Dear valued client/partner,

We wish to address the current situation with the Coronavirus (COVID-19) and the actions we are taking. Our first priority is always the safety and health of our customers, partners and employees. ERG remains open for business and will continue to offer complete 1031 Exchange support and responsiveness through this challenging time. Our cloud-based infrastructure and ongoing investments in tools, technology and business continuity ensure that we can continue to deliver efficient service – when and where you need it.

As of today, the 45-day "Identification Period" and 180-day "Exchange Period" time frames relating to Section 1031 have not been extended, as this is authorized only by a Presidentially Declared Disaster (as opposed to the National State of Emergency declared by President Trump on March 13). If you are in the midst of a 1031 Exchange or plan to initiate one soon, note that these standard time frames currently apply. We will keep you apprised of any changes.

Clients/Investors/Exchangers:

• We understand that you may have questions and concerns about conducting your real estate evaluations and closings while minimizing your health risks, and we wish to provide appropriate information and guidance.

• If closing remotely, i.e. from your residence, is something you wish to consider, please contact your closer/escrow officer/title company to see if this is a service they offer, and at what cost. You may also want to ask about available options for notarizing documents as required (ERG does not require a notary for any 1031 Exchange documentation).

• Please contact your closer for information regarding the recording of deeds and finalizing of loans, if applicable. Some city and county government offices are currently closed, while others are working with reduced on-site staff, which may impact various aspects of your real estate transactions.

• ERG normally provides 1031 Exchange documents and instructions to each client and their closer via email, and we do not require original signatures in return. Rather, we ask the closer to include our documents with their other closing documents and to remit executed copies to us electronically.

Some of our team members may be assisting you remotely, but we are committed to providing service excellence without interruption. Please reach out with any questions or concerns and let us know how we can be of assistance.

Sincerely,

Ken Palmen and The ERG Team

07/01/2017

Happy 4th of July Weekend! Hope you have a safe and happy celebration.

02/05/2017

Drones qualify for 1031 Exchanges, FYI! Get your fleet ready.

The global commercial drone-enabled services market is poised for take-off.The growing application of commercial drone-enabled services in construction, agriculture and law enforcement means the market for such services will witness high growth during the next four years.One of the latest...

01/01/2017

#2017

12/24/2016

Wishing you and your families a happy, safe, and healthy holiday!

11/24/2016

11/11/2016

Happy Veteran's Day

TODAY Parents Facebook fans shared their photos of moms and dads who have served our country in honor of Veteran's Day.