1031 Interviews

Introduction: The Entrepreneur Magazine Legal Show with Garrett Sutton, Live Tuesdays from 10-11am Pacific time: 888-327-0061; The IRS allows you to sell real estate without paying taxes. Using a special section of the IRS code, you can exchange properties tax free. Introduction: Gary Gorman, author of, "Exchanging UP! How to build a real estate investing empire without paying taxes using 1031 exchanges." What does a 1031 exchange do? Rolling gain from the Old Property over to the new. What do I have to do to get tax free treatment? The 6 things: 1. Both the Old Property you're selling and the New Property you're buying have to be held for investment. Can you use your personal residence for this? Investment property; can I buy any other kind of investment property?

Introduction: Gary Gorman and Donna Fries on the Real Estate 101 Radio Show. - New things that have happened in the 1031 industry. - Some new tax laws: Big court case. - The new 1031 book: Exchanging Up!, available on Amazon.com. - The 1031 Experts is built on referrals.

New law changes in 2004. - The change in §121 and how it affects §1031. - How to take gain tax-free. - The effect: the change in the holding period to get that gain. - If you sell an investment property and buy a property that becomes your home. - Is this strictly if it's a 1031 exchange going into the property? - Does this only affect people who are rolling into their home from some other investment property? - The good part: this clears up a former controversy and makes it crystal clear.

Intro, with Gary Gorman; 1031 exchange - Do you really know what it is?

Is 1031 a "theory" or a "gimmick"?; "Old and new" vs. "relinquished and replacement"; Gary's background; A standard 1031 - Fred and Sue; How long does it have to be an investment property?; For investment use only; Avoiding or deferring tax?; How does a primary residence become investment property?; §1031 vs. §121? The $250,000 exclusion; Selling the rental condo, then buying the second home.

What about 2nd homes?; Proving investment intent; Documentation: write a letter to your CPA and attorney; Treating it like an investment; Seller/buyer can't touch the money; The in dependant third party: the QI (Qualified Intermediary); Why you want CPAs, tax or accounting professionals to do this; How 1031 benefits the Small Investor vs. the Millionaire.