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We specialize in SAFE EXCHANGES—we put your money in a separate account, with your name on it. TRANSPARENCY: you can see your funds, online, 24/7.

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Ask us a 1031 question.Jasmine: I'm selling a rental home in CA. and plan to put all of the proceeds into residential income property in CO. I already have a pending sales contract on the CA home. Is it to late to make this an exchange transaction?
Ask Phillip Ladd1031 Phil: You can do the exchange as long as we are involved PRIOR to the close of escrow.  Send us the contract and escrow office information and we'll help you with the exchange.
Ask us a 1031 question.Kelly: we are selling property for $1 million. can we do a 1031 for $500k of it, or does it have to be for the full million?
Ask Cody Walkup1031 Cody: Hi Kelly. Yes you can. Be aware that you’ll pay taxes on the $500K ($1mil-$500K) difference or the full amount of your gain, whichever is less. If you want to defer ALL your taxes, use all of the proceeds from the sale to purchase your new property.
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070109
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Bare Bones Basics of a 1031 exchange
Cody Walkup Cody Walkup
for 1031 Exchange Experts, LLC

In simple terms, a 1031 safe exchange moves the gain from the sale of an old investment property into the purchase of a new investment property. By moving the gain into a new property, you defer paying tax on that gain into the future.

For example, suppose Jane Doe sells her rental house for $200,000. She bought it five years ago for $150,000. Now using a 1031 exchange, she buys another investment property for $200,000. By following the IRS’s requirements, she is able to transfer all her gain into her new property instead of paying taxes on the sale.

Since the most recent real estate boom, people have become more aware of 1031 exchanges than ever before. Even with this increased awareness, there are still some prevalent misconceptions about this specific section of the tax code. As a 1031 exchange consultant, I hear these misconceptions everyday. Here are the most frequent three I hear:

1) I’m selling a rental house, so now I have to buy a rental house.

This is not true. The IRS uses the term “like-kind,” but for real estate this is very broad. Both your old a....

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See also:

1031 In a Nutshell - Kim B.

Why do a 1031 Exchange? - Jim Sides

Exchanging & Saving - Elaine Brockman

Absolute Beginners Start Here - James Schuler

1031: 101 - Exchanges for Beginners - Curtis Moore, Esq.

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PREVIEW: 07/01/2009
1031 NEWS...

Speed Bumps: Selling Multiple Properties in a 1031 Exchange

Gary Gorman

Gary Gorman
Founder, Managing Partner, 1031 Exchange Experts, LLC

Can you sell multiple properties in a 1031 exchange and roll all the gain into one larger property? A normal 1031 exchange has certain rules, and selling multiple properties doesn’t change those rules. But it certainly presents speed bumps that you’ll need to overcome. Nothing difficult, but things you will need to think about and that will take patience and discipline at the beginning of your transaction.

The first speed bump involv....

Read the rest of, "Speed Bumps: Selling Multiple Properties in a 1031 Exchange" here....

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Recent articles:

Congress Limits Gain Exclusion on the Sale of Some Primary Residences - Gary Gorman

Where’s Your Pooled Exchange Account Invested? - Gary Gorman

What Happens When You Sell An Exchange Property At A Loss? - Gary Gorman

50% Partnership Interest Purchase: ‘OK’ says IRS in a Reverse Exchange - Gary Gorman

Bankruptcy Court Ruling: 1031 Sub-Accounts Available to Creditors - Gary Gorman

070109


1031 Exchange Experts, LLC, specialize in SAFE EXCHANGES.

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07/01/2009 9:05:00 AM

IRS Form 8824: This is the official 2-page form that you submit with your federal tax return to report the details of your 1031 exchange. You may be required to submit additional tax forms and calculations that relate to your exchange, but 8824 is the only form used for reporting the exchange itself.

You must file Form 8824 with your tax return for the year in which you sold or transferred property in an exchange, regardless of when you purchased the....

see, "How do I report my 1031 exchange to the IRS?" here

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This Week's TEE-Shot

06/29/2009
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How Can A Loss Be A Gain...?!

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What happens when you sell exchange property at a loss?

Let’s say you sell a property for $175,000 that you bought in an exchange for $200,000 – most of you would think that you have a loss of $25,000, but in fact you probably have a gain.

Read here to find out why....

...to read the rest of "How Can A Loss Be A Gain?" subscribe to Tee-Shots!

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We enjoy reading your Tee-Shots and refer many clients to your company. Thank you! Warmest regards,

Rondi Habern, CPA, MBA
ProVision Wealth Strategists
Tempe, AZ

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