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How to Set Up a 1031 Exchange
Setting up a 1031 exchange involves a series of well-defined steps to comply with the regulations set by the Internal Revenue Service (IRS). This post will dig into the details of several critical exchange components.
1031 Exchange Estate Planning: What Happens If the Owner Passes Away
Real estate investors have long used 1031 exchanges to reposition and diversify their real property holdings, potentially defer capital gains taxes, or pursue likely assets that might offer greater value and equity.
Can You Do a 1031 Exchange With a Mortgage?
It’s common that a mortgage is part of a 1031 exchange. So yes, you can complete a 1031 exchange with a mortgage. But a few things happen when you do a 1031 exchange with a mortgage, and it's important to know what those are.
Is Section 1033 Mandatory?
The downside of real estate ownership is the specter of property loss. A powerful storm could destroy your private residence, vacation home, or investment real estate. Or you could learn that your parcel of land might be subject to eminent domain seizure.
What Financial Advisors Should Know About 1031 Exchanges
As a financial advisor, you want to offer your clients helpful guidance and sound advice—that’s why they engage your services, after all. In many cases, you may suggest investment options and strategies that the client isn’t familiar with, so they rely on you to know the details and to provide suitable suggestions. Depending on your client, you may offer assistance with various tasks ranging from retirement forecasting to budgeting to estate planning. Often, you will recommend investment choices and offer tax management strategies.
Can Furniture Be Used in a 1031 Exchange?
In real estate transactions both large and small, it’s common to have incidental property – furniture, fixtures, and equipment – included with the buildings that are bought and sold.
Can You Do a 1031 Exchange on an Aircraft?
A 1031 exchange is a remarkably helpful tool for investors to manage their capital gains taxes. When you want to sell an investment property and reinvest the proceeds, using a 1031 exchange enables you to reinvest the entire proceeds while deferring payment of capital gains taxes. This simple tactic provides excellent leverage for investors.
Can You Turn a 1031 Exchange Property into a Short-Term Vacation Rental?
Have dreams of starting a short-term rental business? You aren’t alone.
What are Allowable 1031 Exchange Expenses?
Closing costs on commercial real estate can be extremely high, sometimes averaging between 3 and 5 percent of the total value of the asset you are buying. If your target property costs $2 million, that 3 percent could exceed $60,000 in fees and related expenses.
How Does a 1031 Exchange Affect the Buyer?
A 1031 exchange can be a strategic tool for real estate investors, allowing them to sell an appreciated property and reinvest the proceeds into a like-kind replacement asset. The like-kind exchange can help defer capital gains and depreciation recapture taxes if executed properly.
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