What to Look for in a 1031 Exchange

1031 tax exchange properties have very specific requirements attached to them and this article will focus upon what to look for when searching for 1031 tax exchange properties.

To give a little background on the IRS and what it considers a 1031 able exchange. Consider the various ownership methods:

  • land held for investment
  • land held for business
  • land held for personal residence
  • land held primarily for sale

For a property to qualify for as a tax exchange property, it must fall into one of the first two categories. The land must either be held for business purposes or land which is held for investment purposes.

This quickly eliminates your personal residence as a potential property which you can use as a 1031. The other category is land held primarily for sale.

If you are someone who buys houses and sells them quickly (flips property), this falls in the category of land held primarily for sale.

You should know the type of properties which are tax exchange properties and this is also important in knowing what type of properties you are not able to exchange for. They must fall under the same two categories explained above and these properties are known as like-kind properties.

To give further clarification consider a sold farm, you often will have your personal residence as well as farmland. Your real estate can potentially fall under two different classifications then as you have farmland for business purposes as well as a personal residence.

Whenever you are looking at 1031 exchange properties, make sure to get qualified professionals to help you with this. This is crucial as you can be penalized if you do not abide by the rules.

Then once you have sold you are property, you have 45 days to find a property which you exchange for the one which you have sold.  In other words the race is on!

You also only have 180 days from the sale of your property in which to close on the sale of these properties. 1031 exchange properties can be more than one property that you trade for another property.

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Navy / Fleet Week in San Pedro

2017 Promo for Fleet Week

LA Fleet Week® is a free public event celebrating our U.S. armed forces at our nation’s #1 port, the Port of Los Angeles. A new Labor Day tradition in Los Angeles, the event welcomes active military ships and personnel to the LA Waterfront, and features public ship tours, military equipment demonstrations, live entertainment, educational activities and more.
Fleet Week from Los Angeles California..Start of the tour of the USS Abraham Lincoln begins with about a 2 1/2 hour wait as the line makes it way to the buses that transport visitors to the aircraft carrier.
Very well run, very smooth and somewhat exciting thinking about boarding an aircraft carrier.

2016 Fleet Week Promo

Originally posted 2011
After driving around the hill in Palos Verdes to catch a glimpse of the old lighthouse and to see Donald Trumps new golf course where Marineland used to be, I decided to go visit San Pedro and go onto some of the navy ships that are visiting San Pedro for ‘Navy Week’.

What a great idea and great success it turned out to be.  Thousands of people came and went onto the ships to see our great battleships and our first line of defense. It took hours to get here for those who are not lucky enough to live in the South Bay.  Even with the frustrated delays, it was worth every minute we all had to wait. And now they have decided to continue the celebration this weekend, so you still have time to view these great ships.

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Home Prices Go Up:The Cost of Waiting

A possible scenario of the cost of waiting to purchase your home.

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Lomita Founders Day

Lomita celebrated its founders day recently and after a day of concerts and jubilee. The party ended in fireworks that could be seen and heard through Lomita and as far as the West Torrance area.

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Two Important Fund Raisers

One is for the Torrance Theatre Co … Sunday June 25 at 5:30 pm at the Doubletree Hotel. Tickets are $110 – dinner and a funny, funny show are included!
 We need to know ASAP as we counting heads for the hotel. All proceeds will benefit the Torrance Theatre Co
The other is for the Torrance Rose Float Association … Saturday July 29 – 5pm … Our 2nd Annual LUAU Party!!! This year, we will have it at the Toyota Auto Museum! If you have never been there, the cars will be going to Texas in September; so take advantage of this event. Tickets are $50. All proceeds go to TRFA to help fund our 2018 float. I have tickets or go online to www.TorranceRoseFloat.org … flyer is attached.
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The Torrance Cultural Arts Foundation Presents: South Bay Festival of the Arts

 The Torrance Cultural Arts Foundation (TOCA) is hosting the 1st SouthBay Festival of the Arts, Saturday, June 24, 2017. The Festival is free and will run from 11 am to 5 pm in various areas of the Torrance Cultural Arts Center. Bring the whole family out for a day full of live entertainment, fine art exhibits, and interactive dance and art workshops for the young ones! There will also be food and beverage tastings. 

TOCA festival

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South Coast Air Quality Management District (SCAQMD) Open Meeting on Flaring

 South Coast Air Quality Management District (SCAQMD) Meeting to discuss proposals to be funded using ExxonMobil fines SCAQMD staff will present the Committee with a summary of proposals received in response to request for proposal 2017-06 — ExxonMobil Supplemental Environmental Protection (SEP) Funds. Thursday, June 8, 2017, 6:00 p.m.

Torrance Marriott Redondo Beach Grand Ballroom (Salons A – D) 3635 Fashion Way Torrance, CA 90503

The proposals submitted to the SCAQMD have been scored and preliminary recommendations will be for discussion. Staff will seek the Committee’s input and direction as to recommendations for the full SCAQMD Governing Board consideration.

This is an open meeting and *the public will have an opportunity to speak and provide comments*. Please note that full Governing Board consideration on the proposals could be as early as the regularly scheduled Governing Board meeting on July 7, 2017, but could be later depending on direction from the Administrative Committee.

Background: Torrance Refining Company, LLC is one of six large refineries in the South Coast Air Quality Management District’s jurisdiction. It is subject to numerous SCAQMD rules and regulations pertaining to refining operations and equipment.

The facility is located at 3700 W. 190th St. in Torrance and covers 750 acres. It refines gasoline, diesel fuel, aviation fuels, liquefied petroleum gases, coke and sulfur.

In February 2015, a large explosion in an air pollution control device ejected heavy metal parts, narrowly missing a unit that contains highly toxic modified hydrofluoric acid. As a result of air pollution violations during the explosion and subsequent restart of the refinery, then-owner ExxonMobil paid a $5.5 million penalty to SCAQMD, of which $2.77 million has been committed to fund community benefit projects.

In 2016, SCAQMD released an RFP and hosted a community meeting on the use of the settlement monies for projects that provide public health and quality of life improvements. PBF Energy, based in Parsippany, N.J., purchased the refinery and took over operation of the facility on July 1, 2016. In 2016, the refinery experienced several power cuts and as a result conducted unplanned flaring.

In February 2017, PBF agreed to an administrative order by the independent SCAQMD Hearing Board requiring the facility to improve power reliability and reduce air pollution from power-related flaring incidents. The Hearing Board will maintain jurisdiction over the order until all its requirements are completed.

While the refinery must meet specific milestones and deadlines under the order, the overall effort will take several years to complete. As a result of the series of incidents at the refinery, SCAQMD’s Refinery Committee held an investigative hearing in April 2017 to gather information about refinery safety and operations from experts and regulators as well as feedback from community groups and residents.

Flaring is a safety measure used at refineries to prevent explosions or accidents that could result from gases building up excess pressure. When flared, the combusted gas typically causes large flames, and can result in black smoke when power losses impact steam generation.

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The Best Time to Sell or Buy Your Home in the South Bay is Today

The market is tight.

We need more homes to sell. They get instant attention.

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Torrance Education Foundation Fundraiser:

Jersey Mike’s to Donate Proceeds from Grand Opening

Torrance Education Foundation (TEF) is excited to partner with Jersey Mike’s newest Torrance location. During their grand opening, from May 24-June 4, 2017, Jersey Mike’s will donate $2.00 for every coupon redeemed at the new store as a contribution to TEF.

Coupons can be downloaded at www.TorranceEducationFoundation.org/jerseymikes/ for great deals on subs and sub meals at the new store. The coupon is also attached to this email message.

Come celebrate the Grand Opening of Jersey Mike’s, try their menu which is both hearty and healthy, and support TEF at the same time. There is no limit to the number of coupons that may be redeemed, so come back more than once to sample all the great menu options!

Thank you to Artie Maidman and Garen Khodaverdian from Jersey Mike’s for their generosity and for supporting Torrance students. Jersey Mike’s is located at 20016 Hawthorne Blvd in Torrance.

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Torrance Rose Float Making News

Great article in the May 18th edition of the Torrance Tribune by TerriAnn Ferren sharing how the City of Torrance, American Rose Society and Torrance Rose Float Association have come together and the special City of Torrance Rose.

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