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PROFESSIONAL TOOLS

IRS Rev. Proc. 2008-16 Safe Harbor For Like-kind Exchange For Dwelling Unit
This revenue procedure provides a safe harbor under which the Internal Revenue Service (the “Service”) will not challenge whether a dwelling unit qualifies as property held for productive use in a trade or business or for investment for purposes of Section 1031 of the Internal Revenue Code.

Reverse Exchanges 2000-37 & 2004-51
Reverse Exchanges were recognized by the IRS in September of 2000, in Revenue Procedure 2000-37 Then, in 2004,the IRS issued a refinement, Revenue Procedure 2004-51.

Dealing With Related Parties 2002-83
Dealing with related parties is always problematic under the IRS code, and Section 1031 is no exception. In 2002, the IRS issued Revenue Ruling 2002-83; which states that a related party may purchase your old, (relinquished) property, but may not supply you with new, (replacement) property.

Tenancy In Common 2002-22
T.I.C.'s, which stands for Tenancy in Common, are interests in properties that the T.I.C. Industry, have been delivering to the Section 1031 exchange community to enable Taxpayers to complete their transactions. After some deliberation, the IRS issued Revenue Procedure 2002-22 which lays out the organizational structure to be followed by a T.I.C. if it is to secure IRS blessing.

Section 121 vs. Section 1031 2005-14
So part of your home is used for business? How does Section 1031 interact with Section 121, which governs the sale of your principal residence? In 2005 the IRS issued Revenue Procedure 2005-14, which spells out some very taxpayer-friendly rules.