Wayne E. Southward has been with his current firm since 1983 and became a partner in 2013. His legal practice focuses on real estate law, encompassing the buying, selling, and leasing of properties, financing for property acquisitions, and facilitating IRC Section 1031 tax-deferred exchanges. Additionally, he represents property owners in county Board of Revision cases and lenders in collecting delinquent mortgage loans. Wayne manages Bankers’ Title Agency of Springfield, Ltd., and The Southward Exchange Company, LLC. He is admitted to practice in Ohio and the U.S. District Court for the Southern District of Ohio. Wayne holds a B.A. from Wittenberg University and a J.D. from Boston University School of Law. He is involved in various professional and community activities, including the Ohio State Bar Association and church-related activities.
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Essential reading for anyone planning a like-kind exchange. Discover how to navigate capital gains and 'boot' in a 1031 exchange with our comprehensive guide. Learn what constitutes taxable boot, including cash and mortgage scenarios, and strategies to minimize tax implications.
Established in 1921, 1031 Exchanges have evolved through key legal cases and legislative changes, including the introduction of delayed exchanges, stricter timelines, and rules for holding exchange funds. Despite these changes, the core purpose remains to incentivize real estate investment and market growth.
A 1031 exchange can be an incredible tool for real estate investors to reduce their tax liability. We demystify the rules required to qualify and successfully complete a like-kind exchange.
