- This event has passed.
October Lunch and Learn – 1031 Exchanges – What you need to know
October 24, 2016 @ 11:45 am - 1:00 pm
Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange. Gain deferred in a like-kind exchange under IRC Section 1031 is tax-deferred, but it is not tax-free.
The exchange can include like-kind property exclusively or it can include like-kind property along with cash, liabilities and property that are not like-kind. If you receive cash, relief from debt, or property that is not like-kind, however, you may trigger some taxable gain in the year of the exchange. There can be both deferred and recognized gain in the same transaction when a taxpayer exchanges for like-kind property of lesser value.
About the speaker: Patrick T. Harrigan is the President/COO of Gain 1031 Exchange Company, LLC which acts as a qualified intermediary for 1031 exchanges. He has focused his career on exchanges for over 9 years and has over 15 years experience with commercial and investment real estate transactions. Patrick previously served as Vice President and Senior Vice President for a national qualified intermediary company and a subsidiary of a regional bank that served as a qualified intermediary. He has achieved the Certified Exchange Specialist® designation through the Federation of Exchange Accommodators in 2010 reflecting the highest standard in exchange knowledge and professionalism.
He earned a Bachelor of Science Cum Laude in Political Science and Business Administration from the University of Wisconsin Green Bay and his law degree from Hamline University School of Law in St. Paul, MN. He has written and lectured extensively on exchanges for real estate agent, attorney and investor groups. He is a member of the State Bar of Minnesota and Wisconsin and the Federation of Exchange Accommodators.