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Real Estate Mondays – 1031 Exchanges
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Many people hold investment property and for many it’s a home they used to live in. Selling an investment property can trigger a large tax bill as not only are you faced with capital gains, but also depreciation recapture. There is an entire industry that has evolved to help people tax advantage of tax laws that can defer your tax bill when you sell a property. Lance Growth is the Southern California Business Development Manager with Asset Exchange Company, a 1031 Exchange Accommodator. He has a legal as well as an investing background and is uniquely able to lend his expertise to investors both large and small who are trying to determine what to do with their investment property. Scott and Lance dicuss what is a 1031 Exchange, why is it important (it can defer a rather large tax bill), who can benefit from it and, as importantly, who doesn’t it work for. They also address how much work is it for the investor to implement, and what are the key rules with a 1031 Exchange relating. Lance breaks down the key timing rules as well as the investment requirements of a 1031 that you must meet to defer your tax liability. Scott also asks Lance what he sees as the main motivations for owners to look into 1031 Exchanges and aside from the obvious reasons, the results include better returns, increasing the depreciation deduction and better estate planning control.
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