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February 21, 2013©JacksonWhite, P.C.
(2013) All Rights Reserved
EMINENT DOMAIN“It‘s the Government’s Term for Giving Me Your House”
PUBLIC BENEFIT vs. PUBLIC USE
CITY OF TEMPE ARGUED FOR A “PUBLIC BENEFIT”
A 1033 Exchange does not require the use of a qualified intermediary (you can take the proceeds of the sale as long as you reinvest them according to the rules within 2 to 3 years) while a 1031 Exchange requires the funds be placed with a neutral third party. Also, the taxpayer can complete the exchange by making improvements in property already owned unlike a 1031 exchange that requires that a new property be purchased.
Property owners should carefully review their situation with their tax advisor in both the planning and execution phase of doing a 1033 Exchange.
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