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Can I Refinance My 1031 Exchange Property?
On the surface, refinancing a 1031 exchange property might seem counterintuitive. After all, the reason for executing a like-kind exchange is to use the equity from your relinquished property to acquire a new investment – your replacement property. Refinancing also can involve cashing out on equity.
What is the 14-Day Rule for a 1031 Exchange?
To ensure a successful 1031 exchange, following the in-stone deadlines provided by the IRS is essential. These deadlines include the 45-day identification period and the 180-day exchange period.
What Are The Advantages and Disadvantages of a 1031 Exchange?
Of all the tools in a real estate investor’s toolbox, none works quite like the 1031 exchange.
Can You Rent To A Relative In A 1031 Exchange?
Can a property acquired in a 1031 exchange be rented to a family member? The answer, as per the tax court, is yes. However, to ensure that the transaction complies with IRS guidelines, certain key criteria must be met. Primarily, the rent set for the property should align with the fair market value appropriate to its location. Additionally, a formal, written rental agreement is necessary, and the exchanger must diligently enforce its terms, particularly those pertaining to the punctual payment of rent. With these steps, a 1031 exchange involving rental to a family member can be conducted successfully.
Does a 1031 Exchange Defer Depreciation Recapture?
Depreciation recapture tax is the IRS’ method of recouping depreciation deductions you took while you owned an investment property if the property actually appreciated rather than depreciated while you owned it.
Can Repairs Be Included in a 1031 Exchange?
With a 1031 exchange, you can “swap” real estate held for investment or business purposes into other property of equal or greater value (as long as you adhere to the IRS’ in-stone requirements). Meanwhile, the proceeds from your relinquished property or properties can cover costs in addition to that of the replacement property. These might include broker or agent fees, title search costs, and lawyer or CPA fees.
Executing a 1031 Exchange With Multiple Owners: What You Need to Know
Many ownership structures exist when it comes to owning real estate. There are single ownership, partnerships, and LLC arrangements. Then, there are multiple-ownership set-ups, like joint ventures or tenants-in-common (TIC).
What to Look for When Reviewing 1031 Exchange Property Listings
Let’s say you’re an investor with tangible real estate holdings. Perhaps you want to upgrade those holdings by acquiring higher-value (or higher cash-flow) real estate property. Or you might be tired of hands-on ownership and are considering exchanging that income-producing property into a Delaware Statutory Trust (DST).
Can I Do A 1031 Exchange After Closing?
It takes careful planning and strategic execution to successfully complete a 1031 exchange. The keyword here is planning — you must decide prior to divesting your investment property to do a 1031 exchange. If you sell your property in a straight sale, you’ll be left out of the 1031 exchange process.
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