Bay Ridge Lawyers meeting covers 1031 real estate exchanges
The Bay Ridge Lawyers Association recently invited a real estate attorney with 40 years of experience to lecture on 1031 real estate exchanges, common with multi-family homes sales, during its monthly meeting in Dyker Heights on Wednesday, Nov. 28.
Raymond L. Liebman started his career as a certified public accountant over 40 years ago and now specializes in real estate, tax and business transactions. He has been the chairman of the Richmond County Bar Association committee on taxation since 1988 and has given over 50 continuing legal education seminars in his career.
“The meeting was fantastic in that we had an incredible turnout despite the cold weather,” said President Joseph Vasile. “This has become a very common practice in real estate law that many attorneys see on a daily basis. Ray has been around for about 40 years and is the expert on this kind of thing, so I think there was a real eagerness to hear what he had to say.”
A 1031 real estate exchange, defined under section 1031 of the IRS code, is a strategy that allows an investor to defer the capital gains taxes when an investment property is sold and another like-kind property is purchased with the profits gained on the first sale, according to Vasile.
“From time to time we have clients who have investment properties — for example, someone who owns a two family house,” Vasile explained. “Half the property is their primary residence and the other part is considered an investment property because they get income from a tenant.
“That means the owner has to pay a capital gains tax if they make a profit when they sell the property. This gives them a strategy to defer those taxes. Ray spoke basically about the principals of the exchange and explained the time periods that must be enacted to be able to perform a 1031 exchange.”
The Bay Ridge Lawyers will host its second annual “Breakfast with Santa” event at Il Centro on 18th Avenue in Bath Beach on Saturday, Dec. 8. The event starts at 11 a.m. and runs until 3 p.m. There will be breakfast for everyone and there will also be a photobooth, crafts and activities for the kids. Santa will attend.
Guests at the event are encouraged to bring unwrapped toys for the children of the soldiers stationed at the nearby Fort Hamilton military base.
“Being president of the Bay Ridge Lawyers Association has always been an opportunity that I have appreciated, and it especially means a lot to me to be able to host events like this,” Vasile said. “This was something that Margaret Stanton started a year ago. It’s exciting for the children, and it allows our association an opportunity to promote continuity not only with other bar associations, but with the community as well.”