We specialize in SAFE EXCHANGES—we
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on it. TRANSPARENCY: you can see your funds, online,
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866-694-0204
Anytime,
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 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? |
 1031
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. |
| 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? |
 1031
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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Summer
Clearance!!
No longer 24.95 each |
Buy 1-5:
30% OFF! - $17.45 Ea.
Buy 6-10:
40% OFF!! - $14.95 Ea.
Buy 11 or more:
50%
OFF!!! - $12.45 Ea. |
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Autographed
by Gary Gorman
Prizes for your
team - Resources for your library
- Curriculum for your 1031 class -
Gifts for your clients!
For this special
price,
call
Nationwide,
Toll-free: 866.694.0204
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070109 |
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| Bare Bones Basics of a 1031
exchange |
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Cody Walkup
for 1031 Exchange Experts, LLC |
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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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1031News
This Week |
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PREVIEW: 07/01/2009 |
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Gary Gorman
Founder, Managing Partner, 1031 Exchange Experts, LLC |
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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....
| Recent articles: |
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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
We put your money in a separate
account, with your name on it. |
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This
Week's TEE-Shot |
06/29/2009 |
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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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Updates
