2,178,533
Start looking for the exchange property early. I've seen a lot of bad investments made because they were up against a deadline to buy.
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
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John DL Arendsen
Leucadia, CA
4,800,082
I can tell you that there are a lot of folks doing some questionable ones.
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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John DL Arendsen
Leucadia, CA
2,781,113
Find something you like and not just something that qualifies
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Richie Alan Naggar
Riverside, CA
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John DL Arendsen
Leucadia, CA
3,164,119
what are you selling to replace this property with?
A 1031 exchange has little to do with current use of the property
It has to do with selling and replacing the property with a like property "investment for investment" property and the money can never be in your account and must be held in an approved account.
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John DL Arendsen
Leucadia, CA
1,502,878
John, from my understanding (in response to your comment on Carol Williams' answer) the replacement can be any type of investment, not just real estate.
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John DL Arendsen
Leucadia, CA
634,482
I agree with Carol Williams that bad investments are common when people are too close to their purchase deadline. Start early!
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John DL Arendsen
Leucadia, CA
4,319,419
John DL Arendsen - I'll still rely on what the CPA says!
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John DL Arendsen
Leucadia, CA
4,272,548
Irefrain from giving legal or financial advice and leave it to attorneys and accountants ....
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John DL Arendsen
Leucadia, CA
2,224,473
I've just started working on my first one.
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John DL Arendsen
Leucadia, CA
3,344,906
I will tell you that I recommend an intermediary ...
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John DL Arendsen
Leucadia, CA
1,466,207
John DL Arendsen Talk to an Intermediary who knows what they are doing.
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John DL Arendsen
Leucadia, CA
3,988,007
I can tell you that you need to make sure your client clearly understands how they work and is ready to identify a property within the allotted time ot they are out of luck. This is just a deferment of tax not tax forgiveness or credit.
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John DL Arendsen
Leucadia, CA
3,986,258
I personally use Starker services and they handle everything. they are out of Califonia.
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John DL Arendsen
Leucadia, CA
1,725,996
Select carefully your facilitator. There have been cases when facilitators absond with the funds being held. Make sure he is bonded.
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John DL Arendsen
Leucadia, CA
1,712,676
Reverse exchanges should be primarily used in larger commerical transactions.
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John DL Arendsen
Leucadia, CA
6,392,919
Good question John, how much does your Atny and Acct know?
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John DL Arendsen
Leucadia, CA
940,545
I agree with Carol Williams , so many people wait till last minute and end up doing whatever to just avoid it.
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John DL Arendsen
Leucadia, CA
46,783
I did an exchange last month on one of my investment properies. You cannot exchange into tax sale properties in Texas because you do not have time to do the 1031 paperwork ahead of time. You have to pay at the couthouse an hour after the auction. You cannot buy the property and get reimbursed.
1031 exchanges apply to more than just real estate. If you take a Section 179 deduction on your vehicle, one strategy on the exit is a 1031 exchange. It also applies to any other capital equipment where the depreciation is faster than the IRS defined usefull life.
It is best to know the basics of the regulations. Not all accountants are created equally. How will you know you have the right one if you do not know what to ask? NO ONE will ever care more about your business than you do.
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John DL Arendsen
Leucadia, CA
1,622,432
I provide my clients with basic knowledge ( since I know RE side of it) what 1031 exchange is, if they are interested in tax benefits, they should talk to their CPA.
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John DL Arendsen
Leucadia, CA
989,652
I've done quite a few, including several for my own properties.
a 1031 exchange company has all the information required, the only thing I can say differently or in addition is to make sure you stay within the guidelines and make sure your agent is aware of those guidelines so you don't waste time on items that are not of "like kind"
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John DL Arendsen
Leucadia, CA
465,298
They can be simple as long as the 1031 exchange company is competent. Make sure everyone knows about the exchange as soon as possible, especially the closing agent. That way there are no last minute surprises. I have been involved with several as closing agent and attorney for the exchanger. They are not to be feared, it is a great way to defer taxes.
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John DL Arendsen
Leucadia, CA
1,617,916
What else is there? Pretty simple rules to follow
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John DL Arendsen
Leucadia, CA
3,727,873
I can't tell you more than my attorney and accountant can't! I've done a couple and always let the attorneys handle the details.
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John DL Arendsen
Leucadia, CA
4,571,917
I haven't personally been involved with a 1031 exchange. The AR membership should be a great source of information for "lessons learned". Good luck.
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John DL Arendsen
Leucadia, CA
5,048,748
Sorry but I don't have any personal experience. But from working with some buyers of 1031 exchange properties I would echo what Carol Williams said, and to also keep the central goal in mind. This is not your personal home you are living in fulltime!
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John DL Arendsen
Leucadia, CA
5,104,931
Nothing... no personal or professional experience. But I do know one shouldn't do these without allowing for plenty of time to shop for a home.
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John DL Arendsen
Leucadia, CA
5,772,575
John,
Follow what Carol Williams said. A
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Nina Hollander, Broker
Charlotte, NC
4,434,127
3,071,489
7,835,313
1,157,785
5,583,278
the real estate agents don't do anything differently.... I did one many years ago...the attorney handled everything...and I'm sure there was an accountant in the background, but I never had any contact with him/her....the buyer was an attorney, too...
1,525,616