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Using Reverse Exchanges as a Tool in a Changing Market

Exchange Update

Many investors are aware of their ability to use a reverse 1031 exchange when they are faced with having to close on their replacement property before they are able to close on their sale property; however, reverse exchanges can also be used proactively when tight inventory creates purchasing challenges.

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Extensions Announced for 1031 Deadlines

Exchange Update

Notice 2020-23 (which updates Notice 2020-18, “Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic”), released on April 9, 2020, provides Taxpayers who are currently engaged in a 1031 exchange some relief from the 45-Day Identification and 180-Day Exchange Period deadlines.

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Fresno County Approves Lease of Former Clovis Costco Building

Clovis Costco

An empty Clovis retail building is going from a Costco to Child Welfare Services.

The Fresno County Board of Supervisors has approved an agreement to lease 380 W. Ashlan Ave., the former home of the Clovis Costco that closed in July 2019 after 29 years in operation.

The county’s rent on the building would start at $186,691 per month for the first year — more than $2.24 million for the entire year. That rate would increase annually to $352,858 a month — more than $4.23 million for the full 12 months in the final year of the 19-year lease agreement.

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Top Ten 1031 Exchange Misconceptions

Exchange Update

1. Like-kind means I must exchange the same type of property, such as apartment building for apartment building.

All real property is like-kind to other real property. For example, you can trade an apartment building for an office building. To read more about like-kind real estate, click here.

2. My attorney can handle this for me.

Not if your attorney has provided you any non-exchange related legal services within the two-year period prior to the exchange. Click here to read more about qualified and disqualified parties.

Continue reading the top 10 here.