1031 Basics and Understanding FIRPTA (2CE)

Description

Part I of this course will provide an in-depth discussion of Tax Deferred Exchanges under 1031 of the Internal Revenue Code. It will discuss the legal and regulatory basis for a 1031 exchange, the terminology, key aspects of a 1031 exchange and what qualifies as an exchange under the rules set forth by the IRS Treasury Regulations. The session will also examine the possible pitfalls and risks associated with a 1031 exchange. Upon completion of this part of the course, the real estate agent will be able to knowledgeably communicate the aspects of the 1031 exchange process to their clients. Part II of this course will discuss the IRS Foreign Investment in Real Property Tax Act (FIRPTA) and its effect on real property closings when the seller is a foreign person. It will review the terminology and forms used in a transaction involving FIRPTA withholding. Upon completion of this part of the course, the real estate agent will understand the information necessary to determine the applicability of the IRS Code to a transaction, the proper forms to be completed and the appropriate timeframes for filing the forms.