1031 Tax Exchange, 5 things you must know.

Real Estate Training & Coaching School

Business, Careers

4.7 • 669 Ratings

🗓️ 29 January 2018

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

The 1031 concept itself is simple: Reinvest the proceeds from the sale of a business or investment property into a like-kind investment in order to defer paying capital gains tax. Seems simple enough, right? Well, in reality, 1031 exchanges are much more complex. Section 1031 of the Internal Revenue Code (hence the name) has many nuances that can be confusing. There are very specific guidelines governing the process. Here’s a brief overview of what you need to know about a typical 1031 exchange process. Schedule A Free Coaching CallVisit Tim & Julie Harris OnlineListen on iTunesListen on Stitcher

Transcript

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0:00.0	Welcome to Real Estate Coaching Radio, starring award-winning real estate coaches and number one international bestselling authors, Tim and Julie Harris.
0:21.2	Real Estate Coaching Radio is the nation's number one daily radio show for realtors
0:25.9	who demand authentic real-time coaching.
0:29.1	Get ready for fluff-free, unfiltered, full-strength honesty about what's truly working
0:34.0	to get you into action, helping others, and making money now in today's real
0:38.6	estate market. Now to our hosts, Tim and Julie Harris.
0:45.6	We're back and we're going to be talking today, as promised, about 1031 tax exchanges. This is
0:51.3	something that all of you, residential realtors and otherwise need to know because
0:55.8	this is going to be something you're going to get questions about. Take notes as Julie goes through
1:00.2	the points today. What's really critical is that you understand how 1031 happen because when you
1:06.4	understand how a 1031 tax exchange works, you'll actually be able to create real estate transactions
1:11.4	that you otherwise wouldn't have been able to. You will be able to talk with sellers who have
1:15.6	properties to sell and create another real estate transaction, whereas before maybe that seller
1:20.6	just would have kept the property because they didn't want to have to pay the taxes or any of the
1:24.5	other things that come with selling properties. If you're not a state investor and you have a property in California and you sell that property,
1:31.3	not only you're going to have to pay the real estate commissions and all the closing costs,
1:34.3	but you're also going to have to pay a 3% fee to California just because all this other Mickey Mouse you can avoid
1:40.3	if you do a 1031 tax exchange.
1:42.3	So get ready to take lots of notes today. Julie is going to,
1:44.9	I'm looking at her notes for today and she's got, that's not too bad. And she's made it very, I think,
1:50.7	you're not going to put all, we're not going to talk about it. Okay, digestible. Okay, good. And then
1:55.9	we're going to post the notes on our main website, Tim and Julie Harris.com, and of course Premier Coaching members get a very
	...

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