Strazzullo Law was founded by attorney Salvatore E. Strazzullo, a first-generation Italian-American whose values of hard work and personal service form the foundation of the firm.
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A 1031 exchange is a financial strategy that allows owners to defer capital gains and recaptured depreciation taxes when they sell a piece of property. The legal requirements and regulations are best navigated with the help of a qualified 1031 exchange attorney.
Capital gains tax at both the state and federal levels is generally due when real estate investments are sold, but obtaining another property of equal or greater value can avoid it. There is a timeframe within which the transactions must take place, and 1031 exchange lawyers play a pivotal role in ensuring all stipulations are followed.
These are categorized as like-kind exchanges. For eligibility, properties can be similar regarding their physical properties or the period of time their interests will endure. Investors can diversify their assets this way, and a real estate attorney 1031 exchange guidance can help determine whether the likeness is valid.
This also includes real and personal property that is used in conjunction with a business and real estate, whether it is improved or unimproved. New properties must be selected within a 45-day window, and these must be secured by closing within 180 days.
You are not allowed to receive revenue from the sale. A third party, known as a “qualified intermediary,” must be on hand to oversee the exchange and to verify if you have benefited financially in a direct or indirect manner.
Tax deferral is not the same as tax forgiveness, as your profits ostensibly will continue to be rolled into more investments and, at a certain point, sold for profit, at which time taxes will be due. This is unless you plan to continue this process for the duration of your life, passing your portfolio on to your beneficiaries.
Strazzullo Law Firm provides specialized legal advice for each client, tailoring our approach to your individual situation. We invite you to book your appointment today to discuss your needs – reach us online or by phone.
A good lawyer must have knowledge and skill, but to develop a successful and growing law practice, even more is required. At the Strazzullo Law, our New York attorneys possess personal dedication and a drive to succeed. That drive starts at the top, with founding attorney Salvatore E. Strazzullo.
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