8 Surprising Facts about 1031 Exchanges
Right now, I'm going to show you eight surprising facts about a 1031 exchange.
0:00 Intro: 8 surprising facts about 1031 exchanges.
0:23 1. You still may owe taxes even if you
sell your investment property at a loss.
0:54 2. It's possible to do a 1031
exchange with a family member.
1:25 3. You can take out cash in a 1031 exchange.
1:39 4. Your principal residence can also
be held for investment under IRS 1031, not exactly at the same time that it's your principal residence.
2:05 5. IRS 1031 has existed for over 100 years.
2:16 6. Showing intent is significant.
2:32 7. A 1031 exchange is not really an exchange.
2:51 8. "Like-kind" in a 1031 exchange doesn't mean the same kind of property.
🏠 Find out more about 1031 Exchanges: https://1031ExchangeLady.com
▶️ Watch my latest video:
• Videos
🙋♀️ Please say hi in the comments so I know you were here! - Maxine
WHY DO A 1031 EXCHANGE?
Somebody may have told you that you should do a 1031 Exchange, and here's why. If you don't do a 1031 Exchange when you sell your rental property, you may have substantial taxes in four categories (Capital Gains Taxes, Depreciation Recapture Taxes, NIIT Taxes, and relevant State Taxes). Real quick, a 1031 Exchange is when you sell one property held for investment, and buy another property held for investment, with specific rules and timelines.
HERE'S WHAT THE IRS SAYS ABOUT 1031 EXCHANGES:
1. 1031 Exchange - IRS Tax Form Explained • 1031 Exchange - IRS Tax Form 8824 Explained
2. IRS Form 8824 Instructions: (PDF) https://www.irs.gov/pub/irs-pdf/i8824...
3. IRS Form 8824 to Download: (PDF) https://www.irs.gov/pub/irs-pdf/f8824...
ABOUT ME:
If we haven't met, my name is Maxine Golden. I'm a long-time real estate broker, and your 1031 Exchange Lady. I started this channel for small investors like you, so that you can save money on your taxes like the big boys do, under the 1031 Exchange law. The 1031 Exchange has been around for more than a century. It's a bit nuanced, so I started this channel to help you do it more easily.
HOW I HELP YOU:
I specialize in helping rental property owners like yourself in cities across America find qualified experienced real estate agents who can help them with their 1031 exchanges and to defer their taxes.
FOLLOW ME:
Subscribe on YouTube: / @1031exchange
LinkedIn: / maxinegolden
LET'S CONNECT:
Text Me: (949) 279-4618
Email: [email protected]
Book a call: https://1031exchangelady.com/book-a-c...
MAXINE GOLDEN
Realtor | Real Estate Agent | Real Estate Broker
Accredited Buyer Representative
Certified Residential Specialist
California Broker license No. 00426234
Oregon Principal Broker license No. 201225449