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Sandy Padula and Norm Padula, JD, GRI NMLS#1483386 nailed this one!
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Check with a company that specializes in 1031 exchanges.
Have not used one yet.
Just closed one a few months ago, and as long as the investor doesn't touch any of the proceeds, it is a tax haven.
Dan Carpenter - I usually recommend my clients to work with their CPAs.
You have to have a qualifying property and invest into a qualifying property of equal or higher price within a certain time frame.
The best way is to have them talk to an attorney that knows 1031s.
Anyone considering this should talk with their accountant, and hook up with a 1031 exchange company early in the process
you sell one property, give the boot to a facilitator and buy another one within a specified time frame. It is a great way to defer taxes.
There are many ways, checking with a bonofied 1031 agency can give you all the options
It's tax deferred but you have to use the proceeds to purchase like kind properties. You may also need to use the service of a qualified intermediary, though.
Speak to an accountant and to your broker.
Defer paying capital gains taxes indefinitely.
They should talk to their accountant.
Very carefully and with expert legal advice.
With REALTORS® who know what they are doing. If you don't know the answer then you shouldn't be doing them.
Ask your local accountant; it's good, but tricky business with changing laws.
We don't have such exchanges in our great nation. However, some people living in our land may be able to take advantage of it. They should consult appropriate Canadian and US tax advisors who are familiar with the Act, the Code, the treaty and 1031 exchanges to see whether it can be done and what the implications would be.
With a third party intermediary ... and agents who know what the heck they are doing.
They continue to use tax deferred funds to purchase more property.
Closely follow the IRS rules and regulations.
Seek the advice of their accountant and experienced facilitator!
We defer our capital gains on a sale by reinvesting them into same as or better than properties elsewhere. This allows us to buy either better or more properties without paying the tax. I've done it for a few clients and I'll be doing it myself when I move my Bay Area rentals to San Diego.
Dan Carpenter Very easily when they work with a good intermediary.
By talking to their cpa, or tax attorney. Also using a good Qualified Intermediary.
To practice this type of real estate it is imperative the parties use agents very experienced with a 1031 exchange.