1033 Exchange Experience
JLK Rosenberger has significant experience assisting Seattle and Washington 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 – Seattle (WA)
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 Seattle 1033 Exchange Team
JLK Rosenberger provides 1033 exchange and involuntary conversion services to eligible property owners in Seattle and Washington. 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 Seattle Natural Disasters
Seattle’s natural disaster risk profile is shaped by its Pacific Northwest geography, coastal climate, and position near major seismic zones, resulting in a mix of low-frequency, high-impact hazards and more common weather-related events. Earthquakes represent the most serious long-term risk. In February 2001, the Nisqually earthquake, a magnitude 6.8 event centered south of Seattle, caused widespread structural damage to buildings, bridges, and roads throughout the metro area. Although no lives were lost, the quake resulted in billions of dollars in damage and highlighted vulnerabilities in older unreinforced masonry buildings and transportation infrastructure. Earlier events, such as the 1965 Puget Sound earthquake, also caused fatalities and significant damage, reinforcing concerns about future shallow crustal or Cascadia Subduction Zone earthquakes that could have far more severe consequences.
Severe winter weather has produced some of Seattle’s most disruptive recent disasters. In February 2019, heavy snowfall and ice brought the region to a standstill for days, closing major highways, shutting down Sea-Tac Airport, and disrupting businesses and schools across the city. The combination of steep terrain, limited snow-removal capacity, and prolonged freezing temperatures magnified the economic and social impact. Ice storms, while less frequent, have also caused power outages by bringing down trees and power lines in heavily forested neighborhoods.