5,583,278
I did them in the past, and ALWAYS worked through an attorney.... all parties with whom we do business have their own attorneys.... well worth the money and it's stress free for agents....we don't play attorney.
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Angilina taylor
Maple Plain, MN
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Kris Collis, Associate...
East Stroudsburg, PA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Sharon Altier
Elmhurst, IL
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Michael Jacobs
Pasadena, CA
-
Lyn Sims
Schaumburg, IL
-
Nina Hollander, Broker
Charlotte, NC
4,883,242
I would start by finding a good Qualified Intermediary in your area.
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Ron and Alexandra Seigel
Carpinteria, CA
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Dan & Laurie Pittsenba...
Bellingham, WA
-
Kathleen Daniels, Prob...
San Jose, CA
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Candice A. Donofrio
Fort Mohave, AZ
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
3,345,091
I've done many. Your profile reads "1031 Exchange Expert".
Interesting.
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Angilina taylor
Maple Plain, MN
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Ron and Alexandra Seigel
Carpinteria, CA
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Bob Crane
Stevens Point, WI
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Dario Ferreira
Attleboro, MA
-
Dan & Laurie Pittsenba...
Bellingham, WA
4,572,389
Interesting. Doesn't your profile discuss the 1031 exchange process?
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Angilina taylor
Maple Plain, MN
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Bob Crane
Stevens Point, WI
-
Pete Xavier
Pacific Palisades, CA
-
Dan & Laurie Pittsenba...
Bellingham, WA
5,104,931
I would recommend you get advice from an attorney who specializes in handling 1031 exchanges.
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Angilina taylor
Maple Plain, MN
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Kathleen Daniels, Prob...
San Jose, CA
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Michael Jacobs
Pasadena, CA
2,220,654
Ken Jones, Realtor has your answer. Best of luck to you.
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Dan & Laurie Pittsenba...
Bellingham, WA
-
Kathleen Daniels, Prob...
San Jose, CA
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Michael Jacobs
Pasadena, CA
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Anthony Acosta - ALLAT...
Atlanta, GA
1,197,262
Where and how much. Hire an expert.
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Bob Crane
Stevens Point, WI
-
Dan & Laurie Pittsenba...
Bellingham, WA
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
469,510
Just make sure your client is hooked up with an experienced 1031 facilitator and you'll be fine. You will need to disclose to the seller that the buyer is doing a 1031 and the seller understands this and agrees to be part of the buyer's 1031 (at no cost or harm to the seller).
As to what is a 1031. The simple answer is that the IRS allows the owners of non- owner occupied properties to "defer" the capital gains tax that would be due on the sale of one of their non-owner occupied properties IF they roll those funds into another poroperty of like kind (if they buy another non-owner occupied property or properties). Specific rules and deadlines must be followed which boil down to the party that is doing the 1031 never getting posession of the sale proceeds. Basically the person/entity doing the 1031 can't "touch" the money from the sale. Once it's "touched" it's received and taxes are due. Thus the facilitator receives the proceeds of the sale and "buys" the replacement property (or properties) on the principles behalf.
Perhaps I got a little too wordy but I tried to make it simple - they are relatively simple to do but do not miss the deadlines. And if you just make sure your client is hooked up with a good 1031 Facilitator - the facilitator will guide you along.
Hey wait a minute. Is this some kind of set up?? You profile states that your are a 1031 expert...WT$$?
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Bob Crane
Stevens Point, WI
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Pete Xavier
Pacific Palisades, CA
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Candice A. Donofrio
Fort Mohave, AZ
921,504
In a 1031 exchange, TIMING is crucial.
It is possible, if the owner/buyer is willing to allow and inexperienced agent to intervene, the time is reaching expiration and they are desperate.
The good news is....'COMPROMISE' is back on the table.
Understand the situation before to over invest.
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Bob Crane
Stevens Point, WI
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Dan & Laurie Pittsenba...
Bellingham, WA
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Michael Jacobs
Pasadena, CA
6,393,609
With all rental homes I suggest staying local, where do you want to be with these investments.
A 1031 may sound like a great tax savings or deferrment, but if the investment is not sound then it does no good to save a few tax dollars.
Find a local agent who can help you to navigate to the best investments, and find a good cpa with experience in 1031s to help with that part of the deal.
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Dan & Laurie Pittsenba...
Bellingham, WA
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Michael Jacobs
Pasadena, CA
-
Bob Crane
Stevens Point, WI
1,239,901
Suggest you call your company.
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Pete Xavier
Pacific Palisades, CA
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Dan & Laurie Pittsenba...
Bellingham, WA
-
Michael Jacobs
Pasadena, CA
556,536
Get a 1031 attorney before you sell
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Dan & Laurie Pittsenba...
Bellingham, WA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Michael Jacobs
Pasadena, CA
628,914
Find an Attorney that specializes in the 1031 exchange process, then identify the property.
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Dan & Laurie Pittsenba...
Bellingham, WA
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
5,216,740
Richard Weeks nailed this one! Do not pass go!
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Dan & Laurie Pittsenba...
Bellingham, WA
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Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
613,494
There are rules to follow with a 1031 that you need to know before you do anything.
You need an intermediary to walk you through this...
Eve
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Dan & Laurie Pittsenba...
Bellingham, WA
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Kathleen Daniels, Prob...
San Jose, CA
1,052,211
OK you're in your upleg? In other words, you've sold your property to be replaced and are now looking for replacement property to be IDd?
(HOPEFULLY you have NOT CLOSED or received funds from the downleg (relinquished) property directly. No 1031 can happen if you have 'touched' those funds.)
So you have an exchangor/intermediary? THAT'S your go-to.
I've worked on many 1031s including several of my own, and the process is pretty easy to wrap around. You MUST have an intermediary, though, to make sure you are staying within the rules regarding what is like-kind, dealing with boot if any, staying within the timeframe, etc.
You also need that expert to help you crunch the numbers and see if a 1031 is appropriate in your case. Sometimes it doesn't make sense. Sometimes it can't be done.
Ken gave you some good info - here's more
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Bob Crane
Stevens Point, WI
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Dan & Laurie Pittsenba...
Bellingham, WA
1,844,301
I believe that google can help you out tremendously. It's no big deal.
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Dan & Laurie Pittsenba...
Bellingham, WA
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Michael Jacobs
Pasadena, CA
337,854
Not sure I can add much here- but partner with a qualified intermediary. 1031 exchanges are pretty common in my market and I have worked with clients on them but I wouldn't want to move forward without having someone working with my clients that aren't true experts in this field. Working with the time tables and identifying like kind property is easy enough- but there are a lot of aspects to this investment strategy that requires expertise.
5,482
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5,868,565
2,781,173
Those that do this are specialists...explanations is how they started out but practice made them perfect....
1,598,452
5,772,575
You should work with a 1031facilitator, and I am confused, how can you be a 1031 expert if you are asking this question..A
417,221
watch your time lines!!!
Identify several properties and spend the money to complete due diligence.
Hire a PROFESSIONAL exchange company
1,311,397
Your best bet is to engage with a 1031 Exchange company and ask the experts.
900,128
758,035
While I could sum it up briefly there is a rule that agents should not be giving legal advice out. When it comes to these I'd say let the attorney handling your 1031 exchange provide that answer.
1,502,998
I suggest doing a little duck duck go searching for the answers. Lots of good authoritative resources on these out there.
2,390,620
My experience with 1031's has always been less than my clients. Those clients knew exactly what they wanted and how to accomplish it. They usually have a team including myself as a wise Realtor who knows the market and a CPA who knows what needs to be know financially Angilina taylor .
5,049,477
See what Ken Jones, Realtor has to say. And find a good qualified intermediary.