1031 Tax-Deferred Exchanges

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1 1031 Tax-Deferred Exchages About the Authors Arold M. Brow Seior Maagig Director, Head of 1031 Tax-Deferred Exchage Services, MB Fiacial Deferred Exchage Corporatio Arold M. Brow is the Seior Maagig Director ad Head of the 1031 Tax-Deferred Exchage Services Divisio of MB Fiacial Deferred Exchage Corporatio (a wholly-owed subsidiary of MB Fiacial Bak). As a Qualified Itermediary (QI), he specializes i tax-deferred exchages. Arie has over 30 years of commercial ad wealth maagemet experiece. He led the legal ad professioal services firm bakig iitiatives for both MB ad the former LaSalle Natioal Bak of Chicago for the past 20 years. Arie eared a bachelor s degree i fiace ad accoutig from Idiaa Uiversity-Bloomigto. He is actively ivolved i several charitable boards ad commuity service positios. Reach him at or ambrow@mbfiacial.com. Richard S. Witek Seior Advisor, Trust Special Assets, MB Fiacial Bak Richard S. Witek is a Seior Advisor, Trust Special Assets i the Persoal Trust Departmet of MB Fiacial Bak. He has almost 40 years of experiece i fiacial maagemet ad has bee at MB sice Richard specializes i real estate ad special fiacial assets icludig isurace ad persoal property ad 1031 Tax- Deferred Exchages. He eared a bachelor s ad law degree from the Uiversity of Illiois at Urbaa-Champaig. Reach him at or rwitek@mbfiacial.com. Taxpayers who are cotemplatig exchagig real estate or persoal property ca defer the capital gais taxes from the sale of the reliquished property if they are replaced with like-kid assets as provided i Sectio 1031 of the Iteral Reveue Code. These exchages are kow by several ames, icludig like-kid exchages ad the more frequetly used Starker exchages. The beauty of usig Sectio 1031 is that it permits the taxpayer to avoid capital gais tax o the icrease i value of the property beig exchaged. Real estate tax-deferred exchages have bee allowed uder the Iteral Reveue Codes sice the 1920s. However, it was t util the Starker v. Uited States lawsuit i 1979 that taxpayers could do a o-simultaeous exchage of real estate. The oly problem was that the Iteral Reveue Service (IRS) had ot prescribed ay rules or regulatios advisig taxpayers o how to proceed with Starker exchages. The IRS issued fial regulatios providig codified provisios o how to do exchages i 1991, ad ie years later, issued Reveue Procedure which recogizes the use of reverse like-kid exchages. Up util the, the IRS rules pertaied oly to forward exchages, or exchages i which the old or reliquished property was sold by the taxpayer, who the acquired the ew or replacemet property. So, how does the taxpayer actually do a exchage? I doig a forward exchage: The taxpayer first sells his or her old or reliquished property. The taxpayer the idetifies ew or replacemet property withi 45 days of the sale of the old property ad, geerally speakig, closes o the purchase of the ew property withi 180 days of the sale of the old property. As a Qualified Itermediary (QI), MB Fiacial Deferred Exchage Corporatio, a wholly-owed subsidiary of MB Fiacial Bak, would hold the proceeds from the sale of the reliquished property util directed by the taxpayer to pay out the proceeds to acquire the replacemet property. It s importat to choose to work with a experieced QI because the QI will help esure you receive the full beefit of a exchage by providig documeted trasactios to meet IRS requiremets, complete segregatio ad protectio of cliet fuds, paymet of iterest eared o proceeds from exchages, ad policies ad procedures that are reviewed periodically by federal regulators. I workig with a QI, the taxpayer i effect ever receives the reliquished property sale proceeds but rather rolls the proceeds ito the purchase of like-kid replacemet property. The taxpayer ca the defer the capital gais tax because he or she theoretically ever directly received cash from the trasactio. If later o, the taxpayer decides to sell the ew property ad agai does a exchage, the capital gais tax would agai be deferred. The taxpayer ca do as may exchages as he or she wishes, without ever payig a capital gais tax. Whe the taxpayer dies, the property receives a stepped up cost basis ad capital gais taxes would be permaetly deferred. A reverse exchage produces the same results. I a reverse exchage, the taxpayer acquires the ew or replacemet property before the old or reliquished property is sold.

2 1031 Tax-Deferred Exchages The taxpayer has the opportuity to purchase replacemet property from a seller that he would like to trasact as quickly as possible i order to secure the property. This avoids the risk of losig the property to aother buyer. The reverse exchage operates withi the same 45- ad 180-day guidelies as the forward exchage ad agai, the taxpayer theoretically ever receives ay cash. Oe of the advatages of usig Sectio 1031 is that although the taxpayer is supposed to exchage real estate for like-kid real estate, the defiitio remais broad. For example, ay real estate located i the Uited States is cosidered like-kid property. This meas a farm i Wiscosi ca be exchaged for a shoppig ceter i Illiois. Note, however, that Sectio 1031 oly applies to property held by the taxpayer for productive use i a trade or busiess, or property beig held for ivestmet. So if you wat to exchage your persoal residece for your eighbor s house across the street, a 1031 exchage wo t work. Fially, i additio to real estate trasactios, a 1031 exchage ca also be used to exchage persoal property such as airplaes, rail cars, computer ad other busiess equipmet, boats, trucks, cars ad agricultural equipmet. Ulike real estate, however, like-kid is iterpreted much more arrowly, that is, a boat must be exchaged for a boat, etc. It is very importat for you to cosult with your attorey ad tax advisors to fully realize the tax advatage available uder Sectio IRS Circular 230 Disclosure: To the extet that this documet or ay attachmet cocers tax matters, it is ot iteded to be used ad caot be used by a taxpayer for the purpose of avoidig pealties that may be imposed by law. You are resposible for your ow tax research ad decisios. Always seek the advice of your tax advisor before makig ay exchage. You ad your tax advisor are resposible for assurig that your exchage is compliat. About MB Fiacial Bak MB Fiacial Bak is wholly owed by MB Fiacial, Ic., with early $15 billio i assets. For over 100 years, MB has bee helpig busiesses realize ew opportuities, while providig best-i-class service. MB offers comprehesive fiacial services icludig commercial ad busiess bakig, capital markets, wealth maagemet ad persoal bakig. Visit us at mbfiacial.com MB Fiacial Bak mb meas busiess

3 1031 Exchage Fee Schedule 1031 Exchage Escrow Services Fee Schedule MB Fiacial Bak reserves the right to adjust these fees, without further otice, to compesate for uusual services. This Fee Schedule is effective as of July 31, Services Provided Admiistrative services of a Relatioship Maager Periodic accout statemets Custody ad safekeepig of assets Cash maagemet service, icludig daily ivestmet of cash Collectio ad postig of iterest Tax reportig Secure o-lie access to your accout iformatio through Trust Reporter Additioal Iformatio If a replacemet property is ot idetified or purchased i lie with Sectio 1031 deadlies, MB Fiacial Bak will still collect fees. Outgoig ad iteratioal wire trasfers may icur a additioal charge. Additioal charges for uusual or extraordiary admiistrative services based upo the time, cost ad resposibility ivolved may be charged to the accout at a hourly rate of $100 to $250. Accout & Service Fees Schedule for holdig fuds ad actig as a Qualified Itermediary. (Basic forward exchages) Uder $5,000,000 sale closig:...$750 for reliquished property sale ad: $250 per replacemet property purchased Over $5,000,000 sale closig:...$1,250 for reliquished property sale ad: $350 per replacemet property purchased IRS Circular 230 Disclosure: To the extet that this documet or ay attachmet cocers tax matters, it is ot iteded to be used ad caot be used by a taxpayer for the purpose of avoidig pealties that may be imposed by law i bak mb ( )

4 Defer capital gais o your busiess ad ivestmet properties I these ecoomically challegig times you eed to make the most of all your busiess assets. The 1031 Tax-Deferred Exchage was desiged to help you grow your busiess ad preserve your wealth. Through the MB Fiacial Deferred Exchage Corporatio, MB Fiacial Bak ca help you take advatage of the beefits of 1031 Tax-Deferred Exchages by actig as your Qualified Itermediary for these exchages. A tax-deferred exchage eables you to sell property held for productive use i a trade or busiess or for ivestmet ad replace it with like-kid property. As outlied i Sectio 1031 of the Iteral Reveue Code, a 1031 Tax-Deferred Exchage is a powerful fiacial tool that allows you more flexibility to: Defer capital gais tax Diversify ivestmets Improve the quality of property or equipmet Relocate A 1031 Tax-Deferred Exchage ca work for you A exchage begis by sellig property Replacemet property is idetified withi 45 caledar days Replacemet property purchase is closed withi 180 caledar days However, a sale of property ad subsequet purchase of replacemet property does ot ecessarily qualify for deferral of capital gais. The exchage must follow specific ad striget IRS regulatios icludig: The properties beig exchaged must be of like-kid Replacemet property must be idetified ad closed o withi a specific time period Proceeds from the sale of curret property must be held by a Qualified Itermediary ad applied toward your replacemet property Value of replacemet property should be equal to or greater tha the value of the property you sold i order to have the full beefit of a 1031 Exchage Properties beig exchaged must be used for ivestmet or busiess purposes ad ot as a persoal residece MB 2 Fiacial MB Fiacial Bak Bak 1031 Iteratioal Tax-Deferred Bakig Exchages

5 At MB, our experieced professioals will help you with every phase of a 1031 Tax-Deferred Exchage Parterig with a MB professioal esures you the full beefit of a 1031 Exchage with: Exchages structured to meet your eeds Documeted trasactios to meet IRS requiremets Complete segregatio ad protectio of customer fuds Paymet of iterest eared o proceeds from exchages Policies ad procedures that are reviewed periodically by federal regulators 1031 Tax-Deferred Exchages cover a myriad of properties 1031 Exchages allow you to defer taxes whe exchagig all types of like-kid properties ad ivestmets icludig, but ot limited to: Workig with MB also assures you security ad safety by: Idetifyig exchage fuds separately with the exchagor s ame ad taxpayer idetificatio umber for each exchage accout Providig regular recociliatio of exchage fud balaces Requirig the exchagor s writte authorizatio before exchage fuds ca be disbursed To lear more about how MB ca facilitate your 1031 Tax-Deferred Exchages, please cotact us at Or visit for more iformatio. Buildigs Office equipmet Airplaes Rail cars Artwork IRS Circular 230 Disclosure: To the extet that this documet or ay attachmet cocers tax matters, it is ot iteded to be used ad caot be used by a taxpayer for the purpose of avoidig pealties that may be imposed by law. You are resposible for your ow tax research ad decisios. Always seek the advice of your tax advisor before makig ay exchage. You ad your tax advisor are resposible for assurig that your exchage is compliat Tax-Deferred Exchages MB Fiacial Bak

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