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Do I Need an Attorney for a 1031 Exchange?
Utilizing a 1031 exchange is a way to retain some portion of the money you have earned on an investment property. A 1031 exchange allows you to carry over capital gains from the sale of your investment property and reinvest it into a like-kind real estate opportunity, allowing you to keep more of your funds working to grow your portfolio.
How Much Are 1031 Exchange Like-Kind Broker Fees?
Real estate investors can employ a 1031 exchange to sell an investment property and reinvest the proceeds into a “like-kind” replacement without paying capital gains taxes, depreciation recapture taxes, or NIIT (Net Income Investment Tax). This tool may offer a significant advantage in circumstances where an asset has appreciated significantly. However, there are costs associated with the exchange transaction. These costs vary depending on the specific nature of the 1031 exchange.
Is Direct Deeding Allowed on a Reverse 1031 Exchange?
In 1990, the IRS ruled that it was no longer necessary to use sequential deeding in a 1031 exchange transaction. Under sequential deeding, the seller would give the deed to the Qualified Intermediary (QI), who would then hand it to the buyer. Today, many investors choose to use direct deeding rather than sequential in a 1031 exchange.
1031 Exchange and Divorce: What You Need to Know
Dividing real estate during a divorce can be difficult -- doubly so with assets acquired through a 1031 exchange.
Can I Buy a Timeshare With a 1031 Exchange?
In a 1031 exchange, a tax-deferred exchange is done by selling an investment property and replacing it with another like-kind property. A timeshare is considered a personal-use property, which does not qualify for a tax-deferred exchange.
Can You Gift a 1031 Exchange Property?
Completing a 1031 exchange after selling an investment property can bring many potential tax benefits, such as deferral of any capital gains and depreciation recapture taxes incurred from the sale of your original investment property.
1031 Exchange Single Family into Multi-family: What You Need to Know
Considering a 1031 exchange from a single-family investment property into multi-family? If you set up the exchange correctly and complete the transaction within the strict timeline, it’s possible.
What Is Direct Deeding in a 1031 Exchange?
Prior to 1991, in a 1031 tax-deferred exchange, a seller would deed a property to an intermediary who then deeded the property to a third-party buyer, known as sequential deeding. Now, there is the option for the seller to deed to property directly to the buyer, known as direct deeding.
Who Are the Parties to a Delayed 1031 Exchange?
On the surface, the 26 U.S. (IRC) Code § 1031 is pretty basic. Operating under the title of “Exchange of Real Property Held for Productive Use or Investment,” the 1031 exchange allows you to exchange currently held real property into designated replacement property, or properties. A successful like-kind exchange means you can defer capital gains taxes.
Can a Single-Family Home Be Purchased Under a 1031 Exchange if a Multi-family Home Is Sold?
The 1031 exchange is a tool that investors seek to use to help manage capital gains tax liability by reinvesting the proceeds from the sale of investment property into like-kind assets. The name "1031 exchange" comes from the relevant section of the Internal Revenue Code. Originally it referred to an exchange of actual farmland, but today it applies to taxpayers who hold real property for investment.
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