1031 tax exchange

Has anyone sold minerals and used the 1031 tax exchange?

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Permalink Reply by Josh Willis on March 25, 2014 at 4:45pm

I have not sold minerals but did two exchanges last year, one with property other with pipeline Row and used proceeds to purchase more property. Selling minerals would definitely qualify.

Permalink Reply by brat on March 26, 2014 at 7:12am

Josh,  Would like to know more details of your 1031 tax exchange on the pipeline ROW.  My tax guy was pretty sure that pipeline ROW  would be taxed as earned income and I thought he said it wasn't eligible for a 1031 tax exchange.  Friend me too.. ok please.

He did say that the 1031 exchange had to be done within 60 days of a sale.

Permalink Reply by evan on March 26, 2014 at 8:32am
Brat. In ohio pipeline ROW is taxed as ordinary income. For the 1031 exchange my guy tells me that you have 30 days to locate a piece of property and 90 days to close on it.
Permalink Reply by Josh Willis on March 26, 2014 at 3:10pm

Evan, the timelines are 45 days to identify and 180 days to close and yes a pipeline ROW is eligible because it is considered and interest in real estate. You will get a dozen different answers on how ROW are taxed too.

Permalink Reply by The Rooster on March 25, 2014 at 5:07pm
How complicated is it,josh?
Permalink Reply by Josh Willis on March 25, 2014 at 5:12pm

Actually very easy. I can get you some contacts of who we used. They charge a flat rate of 750 for handling the exchange and provide all of the necessary documents to keep you legal with the tax man.

Permalink Reply by The Rooster on March 25, 2014 at 5:18pm
Send me a friend request josh.

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