Why We Love 1031 Exchange (And You Should, Too!)
1031 Exchanges are a major topic between real estate investors that can give them MAJOR TAX SAVINGS, but many of them are afraid of using this process due to misconceptions about this AMAZING process.
In this episode I uncover the 5 major misconceptions of 1031 Exchanges with the help of Senior Vice President of IPX1031, Greg Burns.
Hi! my name is Carlos D Quintana, CFO of Quint Tax Services, Corp. and I am an expert in Tax Strategies and Entity Structuring to build successful wealth strategies.
Here are the 5 MISCONCEPTIONS we will cover in our discussion of 1031 Exchange.
1. In order to complete a 1031 Tax-Deferred Exchange, a tax payer has to find someone to “swap” a property with.
2. A taxpayer seeking to exchange property has to buy the exact same type of property he is selling in order for it to be considered “like-kind” exchange.
3. Taxpayers must complete the 1031 exchange in one completely simultaneous transaction.
4. Taxpayers must use all the proceeds from the sale of their relinquished property to purchase replacement property.
5. I don’t need a qualified intermediary. I can simply have my attorney or accountant hold the sale proceeds until the replacement property is purchased.
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