March 6, 2008--San Diego, California--The Internal Revenue Service has released a Fact Sheet (FS-2008-18) on Like Kind Exchanges Under IRC Code Section 1031. This is the first time that the IRS has actually issued a Fact Sheet on 1031 exchanges and it is designed to assist taxpayers in understanding how to properly structure and successfully complete a 1031 exchange.
IRS Fact Sheet No. FS-2008-16 was produced and released by the IRS as a direct result of a report issued back in September 2007 by the Treasury Inspector General that criticized the IRS for poor supervision over 1031 exchange transactions, for poor guidance on reporting and filing for like-kind exchanges, and for poorly defining when a 1031 exchange of vacation property and/or second homes would qualify for tax-deferred exchange treatment under Section 1031 of the Internal Revenue Code.
"The release of IRS Fact Sheet No. FS-2008-18 is a huge step in the right direction. It clarifies a number of gray areas within the 1031 exchange industry," said William L. Exeter, president and chief executive officer, Exeter 1031 Exchange Services, LLC. Mr. Exeter further stated, "We believe that the issuance of this Fact Sheet FS 2008 18 by the IRS is not only the first step towards clarifying certain gray areas within the 1031 exchange industry but is also the beginning of increased scrutiny and oversight of 1031 exchanges by the IRS."
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Exeter 1031 Exchange Services, LLC is a leading national provider of Qualified Intermediary, Exchange Accommodation Titleholding, and Advisory services for individual, corporate and institutional 1031 exchange clients.
Exeter administers all types of 1031 exchange transactions, including forward, reverse and improvement (build-to-suit or construction) 1031 exchange structures, in all 50 states. Exeter 1031 Exchange Services, LLC currently has national office locations in San Diego, Irvine, Ontario, Bakersfield, Fresno, and San Francisco, California as well as Tucson, Arizona, East Northport, New York, Springfield, New Jersey and Winston-Salem, North Carolina.
You can contact Exeter at anytime, 24 hours a day, 7 days a week, 365 days a year. Call Exeter 24/7 provides round-the-clock access to our senior 1031 exchange advisors when you need them.
