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Clatsop County Real Estate Round Up

Tonia Mock - Astoria Real Estate March 7, 2008
Astoria Real Estate

Recent Updates with 1031 Exchanges

1031 Exchanges are the exchange of one piece of productive property (land, commercial, rentals) for another held for productive use so that taxes on sale gains on the investment property are deferred. The Internal Revenue Code Section 1031 has been around since the 1920’s and has gone in and out of favor depending on the economy, recently however, their use has increased and the IRS has noticed. The IRS is doing a Tax­payer Compliance Study after the Inspector General found $873 million in tax deficiencies in the examination of just 6 exchanges (report), now you know why they are paying attention. The IRS is planning to pull a number of returns with exchanges for the purpose of this study. If you did or are planning to do an exchange talk to your accountant and attorney, file Form 8824, and talk to a Qualified Intermediary (company that handles 1031’s). Exchanges cannot be used for 2nd/vacation homes, “flipping” properties, and developers/builders. New guidelines are in place for properties con­verted from personal use, the dissolving of partnerships and asset distribu­tion, and related party exchanges (ex. mom sells to son). Also, effective for 2007 tax returns, the tax preparer must disclose if a high-risk position is being taken and they could be liable if they do not disclose. I have a step by step guide and an article titled “ Ten Stupid Things Smart People Do to Mess Up Their Tax Deferred Exchange” provided by Toija J. Beutler, Attor­ney/Manager for IPX 1031, if you would like a copy email me. Tonia smile

Rates from Bankrate.com
30 yr fixed – 6.03%
15 yr fixed – 5.42%
5/1 ARM – 5.21%
30 yr fixed jumbo 6.99%
5/1 jumbo ARM – 5.86%

Clatsop County Housing Stats:

Tonia Mock – Astoria Real Estate

503-791-9125

2 Comments

On Mar 8, 10:07 AM, AnotherAstorian wrote:

Nice newsletter you do Tonya - just one thing, you may want to make a minor spelling correction.  It’s Svensen, not Svenson smile

On Mar 11, 12:29 AM, Tonia Mock wrote:

Hi AnotherAstorian!
Thanks for catching my oops, I’ll get ‘er fixed for the next issue.
Tonia (with an i not a y wink)

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