Alison O'Connor, Author at Genesis Bank GBIE

From Security to Expertise: The Essentials of Choosing a Qualified Intermediary for Your 1031 Exchange

When looking for a Qualified Intermediary (“QI”) to handle your 1031 exchange, there are some important factors to consider such as the security and safety of your funds, quality of customer service, and expertise. Keep reading to find out some of the ways Genesis Bank Exchange sets themselves apart.

Unlocking Success: The Strategy Behind Partnership Divisions for Tax Compliance

In the article that appeared in last month’s blog, I indicated that we utilize a structure that avoids the taxing authorities’ challenges to “drop and swap” transactions and, instead, that is structured to comply with an Internal Revenue Code provision and the Treasury Regulations. The transaction is known as a “partnership division” and this article will describe how and why it is a safer alternative compared to a drop and swap structure.

Decoding Franchise Tax Board’s Hot Button Areas: Drops and Swaps and Post-Closing Refinancing

Those of us in California who give advice regarding the structuring of IRC Section 1031 like-kind tax-deferred exchanges of real property are well aware that the California Franchise Tax Board (FTB) has an active program of auditing these transactions. There seems to be no rhyme or reason as to how the FTB’s audit algorithm works. In some instances, exchange transactions of more than $100,000,000 are not audited, while others involving $3,000,000 are audited.

Navigating Seller Financing in 1031 Exchanges: Strategies and Challenges

With interest rates remaining high, seller financing continues to be an attractive option for real estate investors nationwide. Because of this, we will outline some of the issues that arise when offering seller financing while performing a 1031 Exchange. While it can be done, you must plan accordingly beforehand to avoid any potential missteps.

Ensuring Secure Section 1031 Exchange Transactions with Genesis Bank Exchange

At Genesis Bank Exchange, we take pride in being both a Qualified Intermediary (QI) and a division within Genesis Bank. This dual role allows us to offer unparalleled safety and security for your funds, coupled with state-of-the-art execution of Section 1031 exchange transactions. One key way we achieve this is through our advanced technology and expertise in wire transactions.

Maximizing 1031 Exchange Potential: A Case Study on Hybrid Forward and Reverse Exchanges

Genesis Bank Exchange recently executed an exchange for a client navigating the sale of a commercial property in California and the purchase of a commercial property in the Midwest. This transaction employed both a forward exchange and a reverse exchange, showcasing a strategic approach that can benefit investors seeking tax deferral opportunities.

Empowering Entrepreneurs: Genesis Bank and Fiserv Announce Grant Program

Genesis Bank, the Genesis Bank Institute for Entrepreneurship (GBIE), and the Genesis for Good Foundation (GFG), along with Fiserv, Inc. (NYSE: FI), announced the Genesis For Good Catalyst Empowerment Grant Program. This innovative program serves to empower historically marginalized and underinvested entrepreneurs and positively impact diverse business communities across Southern California.

Celebrating Small Business Week with a Client Spotlight: Pristine Plumbing

Join us in celebrating Small Business Week by exploring Pristine Plumbing, a thriving Black-owned enterprise under the leadership of visionary President Richard Cadogan! Since 2008, Pristine Plumbing has been delivering top-notch service to residential and commercial properties across Orange County. Their track record speaks volumes about their commitment to quality and customer satisfaction.

Honoring Women’s History Month: Spotlight on Gloves For Grief

In honor of Women’s History Month, and coinciding with their one-year incorporation anniversary on March 29th, we are proud to spotlight Genesis Bank client, Gloves For Grief, a 501(c)3 nonprofit organization founded by Terra Pickett and Ashley Guarrasi. Their personal experiences with grief led them to create a powerful and purpose-driven organization that provides essential resources and support to grieving families.

Partnership Exchanges: Admitting New Partners to Satisfy the Debt Replacement Requirement

Real estate is often owned by partnerships (or LLCs that are taxed as partnerships). Therefore, partnerships are often involved in 1031 exchanges. Partnership 1031 exchanges involve issues that do not exist in exchanges conducted by other types of taxpayers, such as individuals, trusts, or corporations.