One of the many benefits of a tax-deferred exchange is the ability to defer capital gains taxes when selling and acquiring like-kind real property. This Friday Free for All discusses ways to maximize your tax deferral by minimizing taxable “boot.”Read More
They say that knowledge is power and, nowadays, knowledge is at our fingertips. You can pick up your smartphone and find anything you wish by asking Siri or searching Google. Unfortunately, that doesn’t necessarily mean that Siri or Google are providing accurate information. The Exchange Team at 1031 CORP. are often asked to clarify misconceptions about 1031 exchanges. In today’s Tuesday Tip, we will address the most common misconceptions about 1031 exchanges and make sure you know the truth so you can put the power of 1031 to work for you.Read More
A 1031 exchange allows the seller of a business use or investment property to defer the gain as long as a like-kind business use or investment property is acquired. This Friday Free for All, we will look beyond the deferred gain and review the many benefits of a 1031 exchange.Read More
I have started to think about estate planning. I have two children and I want to make sure they are taken care of. One of the many (great!) benefits I have learned about 1031 exchanges is that they are a great estate preservation tool. Today's Wealth Building Wednesday is about using 1031s to build and preserve wealth.Read More
Whether you are playing a game, handling a transaction or running day to day operations in your office, it is always important to surround yourself with dedicated professionals working toward a common goal. The same is true in a 1031 exchange. Today’s Tuesday Tip will address the role of the Qualified Intermediary (QI) and why it is important to do your research when choosing a QI.Read More
Every day we receive calls about how a 1031 tax-deferred exchange works and what steps are involved. On this Friday Free for All, I want to take a look at the exchange process and how simple it really is. In fact, it is simply the sale of business use or investment real property followed by the purchase of like-kind property linked together by paperwork.Read More
As the year winds down, many of us are beginning our annual list of resolutions and evaluating our goals. For some, our goals might include the purchase of a vacation home, diversify our real estate portfolio, increase our revenue stream, retire and maybe even find more time to enjoy life. Yes, they all sound great but for those that currently own investment property, a 1031 exchange may help you accomplish these goals!Read More
Properties involving mixed uses (combining personal and business use) can be exchanged under section 1031. The portion of the property used for business use will qualify for tax deferral treatment under Section 1031. Depending on its use, the portion of the property used for personal use may qualify for the $250,000 ($500,000, if married filing jointly) primary residence exemption (under Section 121). Additionally, you can acquire a property that would have mixed uses. Some examples of properties that may have mixed uses are owner occupied duplexes, bed & breakfasts and farms.