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Ep. 13: The Power of 1031 Exchanges: Saving Taxes and Growing Wealth
Manage episode 359562066 series 3428945
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Two of the best options for realizing a substantial gain and eliminating capital gains tax on the sale of an investment property are through the sale of your personal residence or an installment sale.
A third option to help you save on taxes and grow your wealth is to take advantage of 1031 exchanges, or rollovers.
Listen in as Attorney Ted Gudorf breaks down the seven essential must-knows around like-kind exchanges set forth in Section 1031 of the Internal Revenue Code.
Key Topics:
- Personal residence (0:48)
- Installment sale (2:12)
- Eliminating capital gains tax using a 1031 rollover (3:55)
- The property must be like-kind (04:51)
- The 45-day rule (06:31)
- The 180-day purchase requirement (08:01)
- Use a qualified intermediary (08:48)
- The title must be mirrored in both transactions (10:05)
- Reinvest an equal or greater amount than the gain achieved in the original sale (11:32)
- Reverse exchanges (12:51)
- The long-term benefits of a 1031 rollover (14:04)
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