A 1031 Provides Time To Decide

A 1031 Provides Time To Decide

Received a call from an individual who transferred ownership of their property in September, not thinking they would buy another property, they did not set-up a 1031 EXCHANGE. They now wish to buy another property and want to know if they can still utilize the 1031 tax savings. Answer is ABSOLUTELY NOT! When there is the slightest chance of a subsequent purchase, an exchange fee of less than $1,000 is worth the tax savings and gives the client time to search and decide if a purchase is right for them.

要查看或添加评论,请登录

George Christofely的更多文章

  • The Importance of Contract Assignments

    The Importance of Contract Assignments

    A taxpayer/Exchangor selling an investment property in a 1031 exchange, held under a single member disregarded LLC for…

  • Mixed Use Property - Unforeseen 1031 Complication

    Mixed Use Property - Unforeseen 1031 Complication

    The recent sale of a duplex raised some 1031 concerns. The duplex, owned solely by the husband, was used 50% as a…

  • Where Has The Time Gone

    Where Has The Time Gone

    Ten years ago this month, in one of the toughest real estate markets ever, we began facilitating 1031 exchanges under a…

  • Knowing When To Fire Your Client

    Knowing When To Fire Your Client

    When my business partner and I had our CPA firm, our focus was always to grow the firm. Our emphasis was to add volume…

  • Bifurcation Buys Time In A 1031

    Bifurcation Buys Time In A 1031

    A taxpayer wishing to exchange out of one property into 2 properties utilizing a 1031 exchange can bifurcate the…

  • Calculating Real Estate Gain

    Calculating Real Estate Gain

    In the various discussions I have with potential 1031 exchange clients, I sense confusion in the calculation of taxable…

  • 1031 UPDATE

    1031 UPDATE

    We added the current tax law changes affecting 1031 exchanges to our 1031 Update. See below: Independently Owned and…

  • I Walked Into a Bar......

    I Walked Into a Bar......

    True story! I walked into a bar and standing at the bar were four individuals, a Clergyman, a CPA, a Banker and a…

  • EXCHANGING REAL ESTATE & PERSONAL PROPERTY

    EXCHANGING REAL ESTATE & PERSONAL PROPERTY

    Often a real property sale/purchase includes personal property, such as furniture, fixtures and equipment. When…

  • COMBINING INVESTMENT & PERSONAL USAGE

    COMBINING INVESTMENT & PERSONAL USAGE

    A multi-unit or single structure with concurrent investment and personal use may be afforded tax savings upon sale…

    2 条评论

社区洞察

其他会员也浏览了