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We work closely with our real estate clients to minimize the tax liability in their real estate transactions. A good mechanism to defer the payment of income taxes on the sale of real estate is the like-kind (1031) exchange. Our attorneys have provided advice to clients on numerous tax-free exchanges, including simultaneous, deferred and reverse exchanges.
Income and estate taxes play a critical role in real estate planning and transfers. Navigating through the intricate safe harbors established under Code Section 1031 for deferred and reverse exchanges requires close attention to detail and should be done with an attorney’s assistance. Other tax planning devices include installment sales so that gain may be deferred over a number of years. Maintaining "investor" as opposed to "dealer" status so that the capital gain rather than ordinary income treatment can be achieved, and valuation and gifting of the partnership or membership interest to family members for estate planning purposes so as to reduce estate taxes are a few of the more significant areas in which our real estate attorneys provide advice. Some of the more exotic Section 1031 issues have involved qualifying tenant in common ownership, combining estate planning gifting programs incident to tax free exchanges, and parking real estate for the purposes of doing "build to suit" construction prior to completing exchanges. This latter technique is particularly appropriate for operating companies, which are relocating to new facilities and cannot suspend operations.
Attorneys / Tax Free (Like-Kind) Exchanges / Tax Planning
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