On Demand Webinar

1031 and 1035 Like-Kind Exchanges

Please see below for additional instructions and information regarding this program.

Webinar Details$219

With constant revisions to information reporting rules and regulations, it is crucial to remain up-to- date with the current laws to avoid those dreaded penalties. This is particularly true when it comes to the intricacies of Internal Revenue Code Section 1031 and 1035 “like-kind” exchanges.

Attend this quick but informative webinar and get tips to remain compliant with the recent changes made to IRS Rules for 1031 and 1035 exchanges.

Learning objectives include: 

  • We will cover all the big changes to 1031 exchanges made by last year's new Tax Law
  • Discover best practices for approaching 1031 exchanges
  • Learn how to handle the intricacies of 1035 exchanges
  • Understand what are taxable vs. reportable exchanges and how to avoid negative IRS interactions
  • Get answers to help you understand what is gain and how to defer gains on like-kind exchanges
  • Get tips for handling the treatment of certain partial exchanges
  • Learn about key exceptions to reporting gains on the sale of business or investment property
  • Receive guidance helping you make sure exchanges qualify under section 1031 and 1035 rules
  • Discover what property qualifies for 1031 exchanges and what contracts are eligible for 1035 
  • exchange treatment
  • Learn about time limits for 1031 exchanges and avoid IRS restrictions
  • Understand when a 1035 exchanges is appropriate and when it is not

  1. Introduction

  2. What’s New: Shutdown Aftermath and Tax Gap 00:01:13

  3. Like-Kind Property 00:14:23

  4. Like-Kind Exchanges and IRC Code Section 1031 00:21:15

  5. Who Qualifies/Exchanges 00:27:21

  6. What Property Qualifies for a Like-Kind Exchange? 00:38:04

  7. Reporting Like-Kind Exchanges 00:49:18

  8. The Tax Cuts and Jobs Act 00:57:24

  9. 1031Reminders 01:10:51

  10. IRC Code Section 1035 Exchanges 01:18:13

  11. 1099 Reporting Exceptions/Non-Resident Aliens 01:24:40

  12. Annuities and 1035 Exchanges 01:30:28

  13. Transfers and the 1035 Exchange 01:32:49

  14. Protect Yourself - Closing 01:34:26

  • 1031 Exchanges 00:02:49
  • 1035 Exchanges 00:02:49
  • 1099-MISC 01:10:11
  • B-Notice 00:08:54
  • Deferred Exchange 00:29:42
  • Exchange Cooperation Clause 01:05:39
  • Form 1042-S 01:27:20
  • Form 1099 00:02:41
  • Form 1099-R 01:22:40, 01:29:05
  • Form 8824 00:10:13, 00:49:25
  • Form W2 00:10:12
  • Form W-8 01::27:20
  • Form W-9  01:29:05
  • Limited liability company (LLC) 00:27:48
  • Reverse Exchange 00:32:17
  • Tax Cuts and Jobs Act 00:02:32
  • Tax Gap 00:01:13

1031 Exchanges: Under Section 1031 of the United States Internal Revenue Code, a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property, a process known as a 1031 exchange.

1035 Exchanges: A 1035 exchange is a provision in the tax code which allows you, as a policyholder, to transfer funds from a life insurance, endowment or annuity to a new policy, without having to pay taxes.

Form 1099 MISC: The Form 1099-MISC is an Internal Revenue Service (IRS) tax return document used to report miscellaneous payment​s made to nonemployee individuals, such as independent contractors, during the calendar year. (www.shrm.org)

B-Notice: A notice from the IRS stating that one or more tax ID numbers were missing from a 1099 or do not match the IRS records.

Deferred Exchange: The deferred 1031 exchange gives you time by allowing you to “sell” your first property to an intermediary, who then “buys” the property on the other end of the exchange at a later date. This keeps the entire series of actions as one transaction, which makes it eligible for a 1031 exchange, albeit a “deferred” one.

Exchange Cooperation Clause: The 1031 exchange cooperation clause is satisfactory in establishing the taxpayer’s intent to perform a 1031 exchange; releasing the other party from costs or liabilities as a result of the 1031 exchange; and, agreeing to an assignment of the purchase and sale agreement.

Form 1042-S: Form 1042, also "Annual Withholding Tax Return for U.S. Source Income of Foreign Persons", is used to report tax withheld on certain income of foreign persons.

Form 1099-R: Form 1099-R is a tax form from the Internal Revenue Service (IRS) for reporting distributions from annuities, profit-sharing plans, retirement plans, IRAs, insurance contracts, or pensions.

Form W-2: Form W-2 is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. - Wikipedia (https://en.wikipedia.org/)

Form W-8: Form W-8 is filled out by foreign entities (citizens and corporations) in order to claim exempt status from certain tax withholdings. The form is used to declare an entity's status as non-resident alien or foreign national who works outside of the United States.

Form W-9: Form W-9 (officially, the "Request for Taxpayer Identification Number and Certification") is used in the United States income tax system by a third party who must file an information return with the Internal Revenue Service (IRS). It requests the name, address, and taxpayer identification information of a taxpayer (in the form of a Social Security Number or Employer Identification Number). - Wikipedia (https://en.m.wikipedia.org/)

Limited liability company (LLC): An LLC is a corporate structure where members cannot be held accountable for the company’s debts or liabilities. This can shield business owners from losing their entire life savings if, for example, someone were to sue the company. Can be a single member (much like a sole proprietor) or a multi-member. It shares certain traits of both corporations as well as partnerships or sole proprietorships. It is not a corporation.

Reverse Exchange: The Reverse Exchange is the opposite of the Delayed Exchange. Where the Delayed Exchange requires the Exchangor to relinquish property before he acquires property, the Reverse Exchange allows the Exchangor to acquire property first and relinquish property second.

Tax Cuts and Jobs Act: The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, Pub.L. 115–97, is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act, that amended the Internal Revenue Code of 1986.

Tax Gap: The gross tax gap is the difference between true tax liability for a given tax year and the amount that is paid on time. It is comprised of the nonfiling gap, the underreporting gap, and the underpayment (or remittance) gap.

Guest Speaker

Steven Mercatante

Steven Mercatante

Steven Mercatante is the principal and founder of TIR Consulting, LLC. He is a nationally recognized leader in tax reporting education and consulting on specialized compliance issues. He has conducted on-site consultation for corporate clients from across the world and led countless seminars and webinars for Convey Compliance Systems, IAPP, Balance Consulting, The Accounts Payable Network, Accounts Payable Now and Tomorrow, Progressive Business Conferences, The Center For Competitive Management,... View Full Profile

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You must answer all questions during the webinar, view the recording completely and pass the test at the end with 70% correct answers to receive CPE credit.