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1031 Exchange Manhattan

1031 Exchange Manhattan

Manhattan offers an active 1031 exchange market for real property held for use in a business or investment. There are several strategic reasons for choosing a 1031 exchange Manhattan. One of the reasons is that Manhattan bounded by the Hudson, East, and Harlem rivers. Investment property and vacation rentals are common along the Manhattan coastline and are the chief source of 1031 exchanges.

Typically 1031 exchange Manhattan is a Delayed (Forward) exchange for either a single-family residential or a vacation rental condominium, with nearly a third reverse or improvement exchanges. Referrals are received from lenders, clients, CPAs, attorneys, Realtors, title companies, and other Qualified Intermediaries. Most 1031 exchanges in Manhattan are accommodated for married couples, individuals, and trusts, with an average price.

1031 Exchange Property Types In Manhattan

The following list of 1031 exchange properties has similar facts and aims to support the intent and pursue the rules associated with the 1031 exchange. The goal is to keep the real property for investment or business purposes with facts such as holding times and minimal individual use.

  • Parking Lots
  • Land
  • Hotels and Motels
  • Self Storage Facilities
  • Shopping Malls and Strip Centers
  • Vacation Homes
  • Medical and Dental Practices
  • Apartments
  • Condominiums
  • Build on Land Already Owned
  • Businesses
  • Rental Properties
  • Conservation Easements
  • Communication Towers
  • Nursing Homes
  • Water and Ditch Rights
  • Golf Courses & Practice Ranges
  • Trailer Parks
  • Oil, Gas & Mineral Interests
  • Convenience Stores
  • Commercial Buildings/Warehouses
  • Gas Stations

Vacation Rental Property Hold Time In Manhattan

Revenue Procedure of 2008-16 offers a bright-line test and safe harbor for taxpayers if the old property is rented out for a minimum of 14 overnights in each of two years at fair market price and the replacement property is also rented for at least 14 overnights in each of the two years. What does safe harbor means is the IRS (Internal Revenue Service) will not contest whether the vacation property is eligible for productive use under IRC 1031.

The 1031 exchange rule states that the taxpayer’s personal use should not exceed 14 overnights per year or 10 percent of total days during the 12-month period. Individual tax situations can differ and can be quite complex.

For consultation and assistance regarding 1031 Exchange in Manhattan call – 888-993-2835 or email us at info@1031xchange.com

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IRC Section 1031, IRC Section 1033, and IRC Section 721 are complex tax codes; therefore, all the investors/clients/consumers are advised to consult their tax and legal professional for details regarding their situation on any kind of investment. There are material risks every investor should know, associated with investing in 1031 Exchange properties, Delaware Statutory Trust (DST) and any other kind of Real Estate Properties. The risks include tenant vacancies; declining market values; potential loss of entire investment principal; that past performance is not a guarantee of future results; that potential cash flow, potential returns, and potential appreciation are not guaranteed in any way; adverse tax consequences and that real estate is typically an illiquid investment. This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the Confidential Private Placement Memorandum. Please be aware that this material does not replace the PPM.