Office Location

Estreen & Ogland
304 Locust Street
Hudson, WI 54016
Phone:
715-386-1850
Fax:
715-386-6560
E-Mails:
David J. Estreen
Kristina Ogland
Hours of Operation:
Monday–Friday: 8:30a – 5p

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Navigating a 1031 Exchange

Tax and investment law can be incredibly confusing. When your real estate situation is complicated by IRS dealings, you need a supportive attorney by your side. At ESTREEN & OGLAND ATTORNEYS AT LAWN in Hudson, Wisconsin, Kristina Ogland deftly navigates 1031 Exchanges to help clients transfer property with ease.

How It Works

Under Section 1031 of Internal Revenue Code, an investor can sell a property, reinvest the proceeds in a new property, and defer capital gains. To qualify for a 1031 Exchange, properties must be held for the productive use in a trade, business, or for investment purposes.

Originally, a 1031 Exchange required the simultaneous transfer of properties. However, since the decision reached in Starker v. U.S. — decided in 1979 — the sale of the "relinquished" property and the purchase of the "replacement" property no longer have to be done simultaneously.

Non-Simultaneous Exchanges

For a "non-simultaneous" 1031 Exchange, the taxpayer must use the services of a qualified intermediary (QI) and follow the guidelines of the IRS. Attorney Ogland has served as a QI for many taxpayers throughout her years in practice and has a comprehensive understanding of the exchange process.

The complicated concepts associated with the completion of a successful 1031 Exchange — what constitutes "like-kind" property, what are "boot" limitations, and what time requirements must be followed — are all concepts with which she has a great deal of familiarity and experience.