1031 Exchange Experts is the leader of companies with information on the rules, requirements and guidelines of investment real estate, which are 1031 properties by definition.
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 Audrey:
What information do I have
to accumulate to determine
the tax impact of selling a
1031 exchange and not purchasing
another 1031, ie. pay the tax
penalty? |
 1031
Kim: Hi Audrey,
We have a great 1031
calculator that will
figure all of this out for
you. The IRS will tax your
gain, when you sell a property.
This is often times not the
same number as your .... read
more.. |
| Ron:
I have read that oil and gas
drilling programs DO NOT qualify
as "like kind" replacement
property in a 1031 exchange.
Is this true? Thanks! |
 1031
Cody: Ron, you are
correct: oil and gas drilling
programs typically don't
qualify as like-kind real
estate for 1031 purposes.
BUT Royalty/working interests
CAN qualify--just not the
drilling programs. |
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| Bare Bones Basics of a 1031
exchange |
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Elaine Brockman
for 1031 Exchange Experts, LLC |
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When
investment real estate is sold, payment
of capital gains tax can be deferred IF the
taxpayer does a 1031 safe exchange. In other
words, instead of selling the property for
cash, the taxpayer exchanges it for a like-kind
property. In a 1031 exchange, “like-kind” means
exchanging one investment property for another
investment property.
A 1031
exchange is NOT ‘a-sale-and-a-purchase,’ but
an exchange of one property for another. There
must be a written exchange agreement that shows
that ALL the steps, from the transfer of the
old property to the receipt of the new, is
part of an overall plan. That plan being the
1031 exchange.
For transparency,
you should be able to see your funds online,
24/7.
The rules
for an exchange are not complex, but they are
strict:
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1) The real property must be held for
long-term investment—not for quick
turnaround or just for personal use. |
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2) You have 45 days to identify what
you are going to buy. |
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3) The whole exchange mu... |
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02/07/2010 8:19:00 AM
This
is a trick question, with two answers.
1. The I.R.S. answer:
technically, nothing! In the IRS regulations,
a "qualified" intermediary is anyone
who is not "disqualified." You are
disqualified if you have handled money as the
employee, attorney, banker, broker, or real estate
agent for an exchanger within the past two years,
or if you are related to the exchanger. An entity
(like a corporation) is disqualified if any disqualified
person owns more than 10% of that entity.
2. The Experts' answer:
In the gen....
see,
"What makes a Qualified Intermediary 'Qualified'?" here |
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