1033 Exchange Experience
JLK Rosenberger has significant experience assisting Georgia 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 – Georgia
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 Georgia 1033 Exchange Team
JLK Rosenberger provides 1033 exchange and involuntary conversion services to eligible property owners in Georgia. 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 Georgia Natural Disasters
Georgia experiences a wide range of natural disasters shaped by its inland geography, proximity to the Atlantic and Gulf weather systems, extensive river networks, and varied terrain stretching from the mountains to the coastal plain. While Georgia is less frequently struck directly by hurricanes than some neighboring coastal states, tropical systems still play a major role in the state’s disaster history. Hurricanes and tropical storms often bring heavy rainfall, inland flooding, and high winds that can affect large portions of the state, particularly southern and central Georgia. Events such as Hurricane Michael in 2018 caused widespread destruction well inland, devastating agricultural areas, damaging timber resources, and impacting communities far from the coast.
Severe thunderstorms and tornadoes are among Georgia’s most frequent and disruptive natural hazards. Tornado outbreaks occur most often in the spring and early summer but can happen at any time of year, including overnight events that increase the risk to life and property. These storms can cause significant damage to residential neighborhoods, manufacturing facilities, and critical infrastructure, particularly in north and central Georgia. Straight-line winds and hail associated with severe thunderstorms regularly disrupt power systems and transportation corridors across the state.