Marie C. Flavin, Esq.


Senior Vice President / Regional Manager

Toll-Free: (877) 230-1031
Toll-Free Fax: (888) 310-1868
Email: marie.flavin@ipx1031.com

IPX1031 Northeast/Mid-Atlantic Office


84 Business Park Drive, Suite 109
Armonk, NY  10504

Phone: (914) 273-7160
Toll-Free: (877) 230-1031
Fax: (914) 273-8104
Toll Free Fax: (888) 310-1868

Marie C. Flavin, Esq., Senior Vice President and Northeast Regional Manager, has been specializing in 1031 Exchanges with IPX1031 since 1999. Her experience and knowledge on the 1031 Exchange rules and regulations has made her an invaluable asset to both her clients and Investment Property Exchange Services, Inc. Marie frequently lectures, writes industry articles and teaches continuing legal and professional education to attorneys and CPAs. She is an adjunct professor at the University of New Haven where she teaches Business Law. Marie received her B.A. from St. John’s University, her J.D. from St. John’s School of Law in 1992, and is a member of the New York and Connecticut Bars.

IPX1031 Exchange Seminars
IPX1031 provides seminars for continuing education credits as well as custom and personalized seminars on tax deferred exchange topics for attorneys, CPAs, advisors, brokers, REALTORs, agents, escrow, investors and taxpayers. To find out about a seminar nearest you, or to schedule a seminar for your office, please contact me.

Start an Exchange with Marie Flavin

What My 1031 Customers Are Saying

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1031 Resources & Information

 

 

 

 

 

 

 

Are there special 1031 Exchange rules or regulations in NY?

Section 1031 is a federal code section for capital gain deferral on investment property sales. New York State follows federal law with allowing the deferral of the state income tax on the gain from the disposition of the Relinquished Property. It should be noted that New York does have a withholding tax for non-residents. At the closing of a sale by a non-resident of New York, Form IT-2663 is filed. If a 1031 is done there is an allowable exemption from the withholding.

Where can I 1031 Exchange? Can I buy outside of New York?

This is a very common question for us. “I am selling in NY. Does this mean I have to buy in New York?”  No, it does not. You can acquire like-kind investment property anywhere in the country.

I sold a property earlier this year and want to purchase another one. Can I use that in an exchange?

If you already sold the property with gain and did not set it up a 1031 Exchange prior to the sale, it is too late to start an exchange. You cannot backdate into a 1031 Exchange for a prior sale.

How long do I have to do a 1031 Exchange?

The 1031 time deadlines begin to run from the date of disposition of your Relinquished Property. You have two time periods that simultaneously start to run. 45 days to identify your Replacement Property(ies) and 180 days to acquire the property(ies).

How much do I need to reinvest into the purchase of my new Replacement Property? Just the gain?

You should think of 1031 as a change of address, not a change of position. To fully defer your capital gain you would acquire property that is equal or greater in value to your Relinquished Property sale. You can net out standard closing costs so instead of working with your gross sales price, the exchange value is the net sales price. You must reinvest all of your equity and replace any debt relief you had on your sale with either new debt or an influx of cash to get you to the equal or greater value. You carry the basis of your Relinquished Property over to your new property and pick up where you left off with depreciation. A reinvestment of the gain only would be a change of position.

What if my Replacement Property is less than my sales price of my Relinquished Property?

This would be a Partially Deferred 1031 Exchange also known as a Partial Exchange. 1031 is not an all or nothing code section, so partial deferrals are allowable.  The difference in value is defined as “Boot.” Boot is the taxable portion of the exchange. There are, however, thresholds where a Partially Deferred Exchange can collapse and the whole tax would be due. It is always best to review the numbers of a contemplated Partial Exchange with your tax advisor to determine if the exchange will have value to you.

Marie Flavin & IPX1031 are a winning combination.

See how we’re different and why.

With an office near New York City and Manhattan, IPX1031, the nation’s largest exchange facilitator and accommodator, provides industry leading exchange services including guidance, expertise, security and key information on 1031 Exchange rules, regulations and strategy. 1031 Exchange expert, Marie Flavin offers you customized solutions to defer capital gains tax and maximize equity in your 1031 like kind investment property.

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Full Service Qualified Intermediary

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Superior Customer Service

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Owned by Fidelity National Financial (NYSE: FNF)

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$100M Fidelity Bond & $30M E&O Insurance

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$50M Written Performance Guaranty

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Attorneys & Certified Exchange Specialists (CES®)

Let’s talk about your specific needs

Customized solutions for your investment and business goals.

Why a 1031 is right for me or for my client

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deferring taxes (up to 35 to 40% of the gain)

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greater purchasing power

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improved cash flow

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portfolio diversification

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portfolio consolidation

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greater appreciation potential

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freedom from joint ownership

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estate planning for heirs

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