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What if you have plans for an exchange that will clearly take longer than 180 days to accomplish? For instance, the construction of a new warehouse with offices, or a major rehabilitation of a large downtown store into offices; projects such as these routinely take more than 180 days to reach completion.

In addition to creating a set of guidelines for transactions completed within a 180 day period, Revenue Procedure 2000-37 (the Safe Harbor for Reverse Exchanges) also stated that a reverse exchange could be successfully ofc bldg.jpgaccomplished outside of the 180 day timeline. While there are no clear approved procedures to follow in these types of transactions, private letter rulings and other IRS rulings and opinions have given us some reasonably clear paths to follow to accomplish such an exchange. Please contact us if you would like to discuss this type of exchange.