Real Estate:
Tax and 1031 Exchanges
There are tax implications to virtually every business decision made by those involved in the financing, purchase, development, use and sale of real estate. The goal is to achieve your economic objectives while minimizing your tax costs.
To do your tax decisions right, you need a legal team with broad and deep experience within the real estate industry—a legal team that knows tax law and knows your business. At McDonough Holland & Allen PC, we can be your sole legal source for advice, planning, transactions and disputes involving tax issues.
A number of our lawyers have supplemented their law degrees with a Master of Laws degree in taxation or a Certified Public Accountant designation, and have served with the Chief Counsel’s Office.
There can be tax consequences to:
- Acquisitions and dispositions
- Affordable housing
- Banking and financial services
- Bankruptcy
- Business entity formation
- Commercial leasing
- Common interest developments
- Construction
- Employment and Fair Housing Act
- Environmental
- Land use
- Litigation
- Redevelopment
- Residential development
- Title
Real estate sales commonly involve a 1031 or "like kind" exchange—a method of deferring capital gains tax on the sale of an interest in real estate used for business, trade or investment purposes, if the proceeds from the sale are invested in like-kind property.
The rules for a like kind exchange are quite complex. We are very experienced with 1031 exchanges; in fact, our lawyers are asked to serve as expert witnesses in court cases involving this method.
Our clients are individuals, public and private companies, government agencies, and institutions. They are owners, operators, investors, lenders, insurers, developers and builders involved with tax and like kind exchange issues for real estate properties.
When it comes to tax and 1031 exchange law for the real estate industry—whether advice, planning, transactions or dispute resolution—the lawyers at McDonough Holland & Allen PC will do what it takes to help you “Do it right.”
For additional information about the firm’s tax capabilities, please see the Tax page within the Business Services section of this web site.
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