1031 Exchange Experts is the leader of companies with information on the rules, requirements and guidelines of investment real estate, which are 1031 properties by definition.
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| Bare Bones Basics of a 1031
exchange |
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James Schuler
for 1031 Exchange Experts, LLC |
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People
who have only heard of 1031 exchanges
know this much: it has something to do with
real estate. Basically, a 1031 exchange works
like this:
- first, you call a 1031 'qualified intermediary,'
(or 'Q.I.'). They start the exchange process
for you.
- work with a realtor to sell your old property
- at the closing, the money goes straight
from the closing to your QI. (I
explain why below)
- work with a realtor to buy a new property.
- when you finally close on your new property,
the QI sends your money to the closing.
In this way,
you buy and sell real estate without handling
any cash. Technically, in the eyes of the law,
you're actually TRADING properties with someone.
If you possess, hold or control the money at
any time between the sale of your old property
and the purchase of your new, it becomes taxable
to you. That's why when you sell your old property,
the money bypasses you and goes straight from
the closing to the QI. Later, it will go straight
from the QI to the closing of your new property.
Why
not just buy and sell outright?
Because when you sell something, yo.... |
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1031News
This Week |
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PREVIEW: 07/07/2010 |
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Gary Gorman
Founder, Managing Partner, 1031 Exchange
Experts, LLC |
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For
the first time in a couple of years,
we’re starting to get more calls about
reverse exchanges. To me, this is a
positive indicator that things are slowly
starting to get better in the real estate
industry. It means that buyers are actually
confident enough that we’ve hit bottom,
and they’re willing to go on the hook
to purchase new property when they still
haven’t sold their old property.
Since it’s a hot topic again, and since
there are several different types of reverse
exchanges, now is a good time to do a quick
primer on.....
Read
the rest of,
"A Reverse Exchange Primer" here....
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070710
TRANSPARENCY: you
can see your funds, online, 24/7. |
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This
Week's TEE-Shot |
05/10/2010 |
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In
the past several years there have
been several instances where Colorado 1031
intermediaries either failed or were unable
to return the funds they held for their clients.
This had a double-catastrophic
impact on the victims because not only did
they lose their funds, but they also owed
tax on the sale.
The IRS has just released
a ruling that will help with some of their
pain--they can now spread the gain over any
cash they recover from the t....
...to
read the rest of "IRS Relief for 1031
Victims" subscribe to Tee-Shots |
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117051010 |
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