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1031 Exchange
Posted on 12/9/22 at 5:03 pm
Posted on 12/9/22 at 5:03 pm
Anybody here with experience in this? I’m considering unloading a property in the next year with a lot of equity and buying something bigger. Not paying taxes sounds great.
Did you use a CPA or lender to handle the details? Or are there specialty companies that handle this? Found plenty on the internet but nothing local. And recommendations will be appreciated.
Did you use a CPA or lender to handle the details? Or are there specialty companies that handle this? Found plenty on the internet but nothing local. And recommendations will be appreciated.
4
Posted on 12/9/22 at 7:27 pm to Clint Eastwood
Most lawyers who handle real estate can do this but they generally farm out the work to a specialty firm. You could probably just find a specialty practice online.
The only tricky part of this is if you have boot or some money left over. If it’s a straight up trade of equal value you literally only have to change the deeds and then file a special form with your taxes for two years (both parties).
The only tricky part of this is if you have boot or some money left over. If it’s a straight up trade of equal value you literally only have to change the deeds and then file a special form with your taxes for two years (both parties).
Posted on 12/9/22 at 7:58 pm to Clint Eastwood
Title Exchange Company is local in BR
Posted on 12/9/22 at 8:07 pm to Clint Eastwood
I actually completed 3 1031s last year. There are specialty companies who handle this. I used IPX, they specialize in 1031 exchanges and the cost was very reasonable.
Pretty simple process when you have an 1031 attorney handling everything.
Pretty simple process when you have an 1031 attorney handling everything.
Posted on 12/9/22 at 8:20 pm to HBomb
What others have said. Use a company who does this. It's an amazing tool.
Posted on 12/10/22 at 9:21 pm to Clint Eastwood
Anyone interested in 1031s need to check out Ben Mallah on YouTube. Super entertaining and down to earth. He has hundreds of millions in assets. His life is built on 1031s.
Posted on 12/10/22 at 9:28 pm to HBomb
IPX is also who I used on the last exchange I did. Read up on it because there are definitely steps you have to follow and a strict timeline on identifying potential replacement properties and actually closing on the identified property. The payment for the land you are selling has to be held in the exchange while you ID replacement property.
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