Mark Tait and Carl Stauffer Interview with Gary Gorman

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Intro, with Gary Gorman; 1031 exchange - Do you really know what it is?

Is 1031 a "theory" or a "gimmick"?; "Old and new" vs. "relinquished and replacement"; Gary's background; A standard 1031 - Fred and Sue; How long does it have to be an investment property?; For investment use only; Avoiding or deferring tax?; How does a primary residence become investment property?; §1031 vs. §121? The $250,000 exclusion; Selling the rental condo, then buying the second home.

What about 2nd homes?; Proving investment intent; Documentation: write a letter to your CPA and attorney; Treating it like an investment; Seller/buyer can't touch the money; The in dependant third party: the QI (Qualified Intermediary); Why you want CPAs, tax or accounting professionals to do this; How 1031 benefits the Small Investor vs. the Millionaire.

Mortgages and §1031; Do you need to re-qualify for a new mortgage with a 1031 exchange?; Why are interest rates higher for 1031 exchanges?; What about Fix-and-Flips?; Exchanging commercial properties for residential (or vise versa); What is "Like-Kind"?; Is one-year-and-one-day a hard, fast rule?; Short term capital gain vs. long term; Handling accumulated depreciation; Accumulated depreciation vs. recaptured depreciation.

"Define a list"; Why 3 properties or less?; Do you have to be under contract?; Close second property within 180 days; How easy is a 1031 exchange?; Getting answers about 1031 exchanges; QI becomes buyer AND seller; Contract wording; QI as a real estate agent?; Serious timelines and triggers - hard, fast rules; Does the IRS look at a 1031 during an audit?; Handling "boot"; How do you pick a good intermediary?; The importance of a bond; QI Qualifications?; Segregated accounts vs. commingled accounts; Contacting The Experts.

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