Hospitality Property Search
Hotels and hospitality assets qualifying under Rev Proc 2008-16
Hospitality property search services help investors locate hotels and hospitality assets that qualify for 1031 exchange replacement under Revenue Procedure 2008-16. We provide nationwide search capabilities focused on properties meeting the safe harbor requirements, including minimum holding periods, management structure compliance, and like-kind real property components. Our Columbus, OH team understands the specific requirements of hospitality exchanges, including Rev Proc 2008-16 compliance verification, personal property allocation, and management agreement review. We coordinate identification within the 45-day window and ensure closing timelines meet the 180-day requirement. Our process integrates with Qualified Intermediary coordination and qualified escrow requirements to ensure all identified properties meet IRS safe harbor standards for hospitality real estate.
What's Included
- Nationwide hospitality property database search
- Rev Proc 2008-16 compliance verification
- Management agreement review
- Personal property allocation analysis
- Income and expense verification
- Property condition assessment
- Market comparables analysis
- Identification letter preparation
- Qualified Intermediary coordination
- Closing deadline tracking
Common Situations
Investor selling a commercial property in Columbus, OH seeks to identify hotel properties meeting Rev Proc 2008-16 requirements
Portfolio owner disposing of retail properties wants to transition to hospitality assets
Developer completing a property sale needs to identify stabilized hotel replacement properties
Frequently Asked Questions
What hospitality properties qualify for 1031 exchange replacement in Columbus, OH?
Hospitality properties in Columbus, OH and nationwide qualify for 1031 exchange replacement under Revenue Procedure 2008-16 if they meet safe harbor requirements. This includes hotels, motels, and other lodging facilities held for investment. The property must be held for productive use in a trade or business or for investment, and the exchange must comply with Rev Proc 2008-16 requirements including minimum holding periods and management structure compliance.
How does boot affect hospitality property exchanges in Columbus, OH?
Boot in hospitality property exchanges in Columbus, OH occurs when cash is received, when replacement property debt is less than relinquished property debt, or when personal property value exceeds the safe harbor allocation. Revenue Procedure 2008-16 provides safe harbor rules for allocating value between real property and personal property. We analyze each transaction to identify potential boot exposure and help structure exchanges to minimize taxable boot while maintaining compliance.
What is Revenue Procedure 2008-16 and how does it apply to hospitality exchanges in Columbus, OH?
Revenue Procedure 2008-16 provides safe harbor rules for 1031 exchanges involving hotels and other lodging facilities in Columbus, OH and nationwide. The safe harbor allows exchanges when specific requirements are met, including minimum holding periods, management structure compliance, and proper allocation between real property and personal property components. We verify compliance with Rev Proc 2008-16 requirements as part of our identification process.
What due diligence is required for hospitality replacement properties in Columbus, OH?
Due diligence for hospitality replacement properties in Columbus, OH should include Rev Proc 2008-16 compliance verification, management agreement review, personal property allocation analysis, income and expense verification, property condition assessment, market comparables analysis, and franchise agreement review if applicable. We coordinate these reviews within exchange timelines to ensure comprehensive property evaluation.
Can I exchange a non-hospitality property for a hotel in Columbus, OH?
Yes, non-hospitality properties can be exchanged for hotels in Columbus, OH as long as both properties are held for investment and the hospitality property meets Rev Proc 2008-16 safe harbor requirements. The exchange defers capital gains tax on the transaction, allowing investors to transition between property types while maintaining tax benefits. Compliance with safe harbor rules is essential for successful hospitality exchanges.
Example Engagement
Example of the type of engagement we can handle
Client Situation:
Investor selling a commercial property in Columbus, OH seeks to identify hotel properties with proper management structures and compliance with Revenue Procedure 2008-16
Our Approach:
We searched nationwide hospitality properties, verified Rev Proc 2008-16 compliance, reviewed management agreements, analyzed personal property allocations, and prepared identification documentation
Expected Outcome:
Client identified qualifying hospitality properties meeting safe harbor requirements, with all compliance verification completed within the 45-day identification window
Educational content only. Not tax, legal, or investment advice. Not tax, legal, or investment advice. Consult a qualified intermediary and tax advisor before making decisions.
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