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.
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.
MADERA COUNTY — According to the latest government data, Madera County is outpacing other similar-sized counties, both in California and around the western U.S., in terms of economic growth.
Recently published United States Bureau of Economic Analysis records show that for 2018, the latest year for which statistics have been compiled, Madera County saw the fastest growth in real GDP among the Far West Region’s “medium-sized” counties.
When a partnership is selling property and some of the partners want to cash out and others want to reinvest, it can create complications with a 1031 exchange. There are a couple of reasons for this. First, under IRC § 1031(a)(2)(D), partnership interests are not exchangeable. Second, the taxpayer that sold the relinquished property must acquire the replacement property. For example, if a partnership sells the relinquished property, that same partnership must buy the replacement property. If individual partners buy the replacement property, it will not be a valid exchange.
For the first time since 2013, Fresno County is the top agricultural county in California and the U.S.
This news comes with the Tuesday morning release of the 2018 Tulare County crop and livestock report, which shows sales of agricultural goods produced there last year totaled more than $7.21 billion, a 2.5% increase from ag sales in 2017.
With a large population of baby boomers reaching retirement age it becomes extremely important to plan and take advantage of all the tax-saving strategies that are available. Most investors think about the immediate tax benefits of completing a 1031 exchange but may not consider the additional long-term benefits of the tax deferral. An exchange provides the opportunity to apply pre-tax dollars towards replacement property and put that money to work.
Fresno County will see an uptick in tax revenue after an increase of property values in almost all major cities.
Knowing some basic rules behind Internal Revenue Code 1031 can help investors defer paying capital gain tax on property dispositions, resulting in more money to invest in new property acquisition. Generally, any real property can be exchanged, provided it is held “for productive use in a trade or business” or for “investment” and is exchanged for property of “like-kind” that will also be held for one of these same purposes.
A new Ace Hardware store is open for business in northeast Fresno, while a date in July has been set to open Clovis’ new Costco store.
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.
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.
