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New Developments in the World of Reverse Like-Kind Exchanges

Volume 4 No 3    /    Read Article

By Rusudan Shervashidze and Nina Krauthamer

Tax planners to New York City real estate families understand that real estate should never be sold. Rather, it should be exchanged in a tax-free, like-kind exchange. The exchange can be bifurcated into two independent transactions – one a purchase and the other a sale – without affecting tax-free treatment, provided certain well identified rules are followed. Moreover, the replacement can be acquired before the sale of an existing parcel is effected. The Department of Taxation and Finance recently issued a taxpayer-friendly advisory opinion affecting property in New York State. Rusudan Shervashidze and Nina Krauthamer explain the ruling involving real estate transfer tax exposure in a reverse like-kind exchange.   See more →