1033 Exchange Experience
JLK Rosenberger has significant experience assisting Houston and Texas taxpayers navigate the 1033 exchange process. We have worked with dozens of property owners providing necessary guidance, managing the timeline, and filing the necessary tax reports. Beyond the practical experience, our team members undergo ongoing technical tax training to stay current on the latest regulatory changes. The result is a client centric process that prioritizes tax efficiency and savings during the property replacement process.
1033 Exchange Services – Houston (TX)
What happens next?
- Eligibility Overview – In this step, the focus is on determining that your situation qualifies to conduct the exchange. Our team reviews the property basis and compensation received and calculates the potential capital gain and the amount needed for a full deferral.
- Replacement Property Guidance – Our team reviews the specific details about selecting a replacement property including the “similar or related in service or use” standard for replacement property. This ensures the new asset qualifies for the exchange. While you focus on finding new property, our team ensure your selection aligns with requirements.
- Timeline Management – Our team works to ensure the critical replacement period (2 years for destruction and 3 years of condemnation) are followed. We also assist with documentation and strategies to maximize time for replacement.
- Tax Reporting – In this step, our team prepares and files all necessary documents with the IRS including Form 4797 (Sales of Business Property) and other required documentation. For those who have already paid tax on a gain but are still in the replacement period timeline we can help recover those taxes.
- Basis Adjustment – Finally, we calculate the adjusted basis of the new property including the deferred gain. Our team will also provide guidance about the most appropriate depreciation method for your new property.
Contact Our Houston 1033 Exchange Team
JLK Rosenberger provides 1033 exchange and involuntary conversion services to eligible property owners in Houston and Texas. Interested in learning more about our 1033 exchange services? If you are interested in learning more about our services and how we can help you, complete the form below and a team member will follow up shortly.
About Houston Natural Disasters
Houston has experienced some of the most frequent and severe Federal Emergency Management Agency-declared natural disasters in the United States, largely driven by hurricanes, tropical storms, catastrophic flooding, and extreme weather events tied to its coastal location and expansive watershed system. The most consequential disaster in the city’s history occurred in August 2017 with Hurricane Harvey, which stalled over Southeast Texas and produced unprecedented rainfall. Vast areas of Houston and Harris County were inundated, tens of thousands of homes and businesses were flooded, critical infrastructure and petrochemical facilities were disrupted, and long-term housing and economic recovery efforts followed under one of the largest FEMA disaster responses ever undertaken.
Earlier FEMA-declared disasters also underscore Houston’s long-standing flood vulnerability. In 2001, Tropical Storm Allison delivered extreme rainfall that caused widespread urban flooding, damaging the Texas Medical Center, downtown commercial districts, and thousands of residential properties, leading to significant federal recovery assistance. Hurricanes Ike in 2008 and Rita in 2005 further resulted in FEMA declarations after causing wind damage, storm surge impacts, prolonged power outages, and major business interruptions across the Houston metropolitan area.