1033 Exchange Experience
JLK Rosenberger has significant experience assisting North Carolina 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 – North Carolina
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 North Carolina 1033 Exchange Team
JLK Rosenberger provides 1033 exchange and involuntary conversion services to eligible property owners in North Carolina. 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 North Carolina Natural Disasters
North Carolina has a long history of natural disasters driven by its Atlantic coastline, river systems, mountainous terrain, and exposure to tropical weather patterns. Hurricanes and tropical storms have been the most damaging events, frequently causing widespread flooding, wind damage, and long-term economic disruption. Eastern North Carolina is particularly vulnerable because slow-moving storms often dump extreme rainfall across flat coastal plains and river basins, overwhelming drainage systems and leading to prolonged inundation of communities, farms, and transportation corridors.
One of the most significant disasters in the state’s history was Hurricane Floyd in 1999, which produced catastrophic flooding along the Neuse, Tar, and Cape Fear river basins. Entire towns were submerged, agricultural losses were severe, and environmental impacts from flooded hog farms and wastewater systems persisted long after the storm. More recently, hurricanes such as Matthew in 2016 and Florence in 2018 reinforced how rainfall, rather than wind alone, poses the greatest risk. Florence stalled over the state for days, causing historic river crests, infrastructure failures, and billions of dollars in damage, particularly affecting rural communities, low-lying neighborhoods, and critical highways.