Exchanging Thoughts

Making Your Home Work for You

Posted by Ellie Trovato on Wed, Jun 27, 2018

I recently purchased a new home and have started thinking about long-term investment goals including eventually converting my home into a rental property or even keeping it as a second home. There is another tax strategy that I could take advantage of down the road. Today’s Wealth Building Wednesday discusses the principal residence exclusion which allows homeowners to have a gain on the sale of their primary residence.

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Topics: 121 primary residence exclusion, capital gains, 1031 Replacement property, 1031 Exchange

Secure Your Replacement Property with an Earnest Money Deposit

Posted by Ellie Trovato on Tue, May 15, 2018

If you've attended any economic forecast events over the past few months, I'm sure you've heard about the concern with real estate inventory - or lack thereof. I have certainly heard my fair share on this topic, so this Tuesday Tip will focus on getting your ideal property under contract as soon as possible to ensure a successful and timely 1031 exchange.

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Topics: 1031 Replacement property, earnest money deposits on 1031 replacement propert

Tips for a Smooth 45-Day Identification Period

Posted by Margo McDonnell on Tue, Oct 25, 2016

The real estate market remains hot, which is very advantageous to sellers. To help avoid the stress sometimes associated with identifying replacement property within the 45-Day Identification Period, Exchangers are encouraged to look for replacement property once their relinquished property is under contract with a seller. No doubt, the 45 days go by quickly, but using the time between going under contract and the actual closing typically gives you 45-60 days before the timeclock starts clicking. This timeframe is before your 45-Day Identification Period ever starts, which gives you that extra time to navigate the identifications rules.

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Topics: 45-Day Identification Period, earnest money deposits on 1031 replacement propert, 1031 Replacement property