Don't Pay Tax Twice – Record Your "Boots"

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"Boot" is what the IRS calls the taxable part of a 1031 exchange. If you have boot, whether because you bought down, or you took cash out of an exchange, you will very likely pay tax twice, unless you keep a record of the fact that you've already paid the tax.

If this situation with boot applies to you, or someone you know, see the complete article, "Good Record Keeping is Critical if You Have Boot in a 1031 Exchange Transaction" (due out May 2) to see a simple method for making this a permanent part of your records. As always, my goal and promise to my subscribers, is to keep Tee-Shots short and sweet, yet give you a heads-up on ways to save you money.

The 1031 Experts

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