1031 Exchanges 101 (2021)

Janna Perret
Janna Perret | First American Exchange Company

She is experienced in facilitating traditional forward 1031 exchanges, as well as reverse and improvement exchanges.

On-Demand: June 29, 2021

$95.00 1 hour CLE

MCLE Credit Information:

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Program Summary

People pay Federal and state taxes when they have gain on the sale of investment property. However, in an even trade, or if the investor trades up in value, there is no income with which to pay taxes. This logic is the basis for Code Section 1031. The IRS restricts the forms of trading to “like-kind” property and further defines the conditions under which a tax-deferred exchange occurs.

Key topics to be discussed:

  • Why investors use 1031 exchanges
  • The mechanics of tax-deferred exchanges
  • Examples to demonstrate the benefits to investors
  • Tools for avoiding common pitfalls

Date / Time: May 5, 2022

  • 2:00 pm – 3:00 pm Eastern
  • 1:00 pm – 2:00 pm Central
  • 12:00 pm – 1:00 pm Mountain
  • 11:00 am – 12:00 pm Pacific

Choose a format:

Live Video Broadcast/Re-Broadcast: Watch Program "live" in real-time, must sign-in and watch program on date and time set above. May ask questions during presentation via chat box. Qualifies for "live" CLE credit.
On-Demand Video: Access CLE 24/7 via on-demand library and watch program anytime. Qualifies for self-study CLE credit. On-demand versions are made available 5 business days after the original recording date and are viewable for up to one year.

Closed-captioning available

Speakers

Janna Perret_First American Exchange Company_myLawCLEJanna Perret | First American Exchange Company

Janna Perret is the Central Region Manager of First American Exchange Company, a division of First American Financial Corporation. She has worked in the exchange industry since 2004 and currently manages an area of 17 states. She is experienced in facilitating traditional forward 1031 exchanges, as well as reverse and improvement exchanges. She is a frequent speaker on the topic of 1031 exchanges and has had articles published in several trade journals. Janna has extensive experience in real estate transactional work, having worked for 20 years as a commercial real estate paralegal and licensed title insurance agent prior to joining First American Exchange.

Agenda

A. Overview, Trends and Legislative Update | 2:00pm – 2:10pm

  • Reasons for exchanging
  • Trends in exchanges
  •  Proposed legislation

B. Tax Implications | 2:10pm – 2:20pm

  • Types of taxes and applicable rates
  • Depreciation benefits and recapture
  • Requirements for a fully tax-deferred exchange
  • Effect on replacement property

C. The Mechanics | 2:20pm – 2:30pm

  • Timeframes
  • Required documentation
  • How the proceeds must be handled
  • Identification rules
  • Holding requirement
  • Vacation homes/mixed-use property
  • Like-kind property
  • Same taxpayer requirement

D. Special Scenarios | 2:30pm – 2:40pm

  • Partnership issues
  • Related parties

E. Closing Statements | 2:40pm – 2:50pm

  • Expenses that affect the exchange
  • Earnest money deposits

F. Parking Transactions | 2:50pm – 3:00pm

  • Reverse exchanges: What they are, benefits, challenges
  • Improvement exchanges: What they are, benefits, challenges