The rules, deadlines, and mechanics behind a 1031 exchange, explained for Hamptons investors weighing a forward, reverse, or improvement exchange.
How an improvement exchange lets exchange funds pay for construction on the replacement property, why timing is tighter than a standard exchange, and what qualifies.
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What like-kind means for real property after the Tax Cuts and Jobs Act, how broadly the standard applies, and where East End investors still get it wrong.
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How Section 1031(f) restricts exchanges between related parties, the two-year holding requirement, and the exceptions that can still allow deferral.
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How a reverse exchange lets an investor acquire replacement property before selling, why an exchange accommodation titleholder is required, and the deadlines involved.
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How the one hundred eighty day closing deadline works, how it interacts with tax filing dates, and why East End closings need extra scheduling room.
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How the forty-five day identification window plays out on an East End sale, why summer closings compress it, and what a valid written notice has to say.
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Why a qualified intermediary is required to hold exchange funds, what the role does and does not cover, and how to vet one before an East End closing.
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How boot creates a taxable gain inside an otherwise deferred 1031 exchange, the common sources of boot, and how New York ordinary income tax applies to it.
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