• Russell Marsan is an expert on 1031 exchanges, having worked in the field for 28 years with Investment Property Exchange (IPX1031), the largest qualified intermediary facilitating 1031 exchanges in the nation.
• A 1031 exchange allows real estate investors to sell one investment property and reinvest the proceeds into a new investment property while deferring all capital gains taxes. It is considered the greatest wealth building tool in the tax code.
• The term "like-kind" is misleading - virtually any type of investment real estate qualifies as "like-kind," including raw land, single family rentals, apartments, commercial properties, etc. The properties don't have to be of the same asset class.
• 1031 exchanges can be done across state lines while deferring both state and federal capital gains taxes. A few states like Montana and California have a "clawback" provision where the state can recapture taxes if the owner leaves after exchanging out of that state.
• Death is the only inevitability, not taxes - 1031 exchanges allow deferring capital gains taxes until the owner passes away, at which point heirs receive a step-up in basis and can sell tax-free up to a generous exemption amount.
• There are strict 45-day and 180-day timelines - the investor must identify potential replacement properties within 45 days of the sale, and complete the exchange by acquiring the new property within 180 days.
• Owners can convert a rental property into a personal residence through a 1031 exchange following IRS revenue procedure 2008-16, which requires limiting personal use for 2 years.
• Marston recommends agents ask clients about any business use of their home (home office, rental, etc) to explore doing a partial 1031 exchange to defer depreciation recapture and taxation on that portion.
Cell Phone: (530) 755-8355
You can call him anytime, even 8pm at night as he said "I'm a tax nerd. I have no life."
Email: russell.marsan@ipx1031.com
He also mentioned that agents can reach out to him about providing training classes or evening educational events for their offices and clients on how to build wealth through 1031 exchanges. He enjoys doing these interactive presentations from 6-7:30pm on weeknights at the venue of the agent's choice.
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Episode #20. Eight ideas on how to generate listings in this market we are facing today.
Episode #19. Part II With Sol Simmers on getting predictable results with buyers by having a consistent process.
Episode #18. Get some detail on what you should be measuring in a quarterly business check in.
Episode #17. Being passionate about living a Minimalist lifestyle and focused on leading others towards a more fulfilled life with less stuff and more living.
Episode #16. Mastery in one's career and consciousness growth simply require that we constantly produce result beyond and out of the ordinary. Credit Stewart Emery
Episode #15 How well does your listing packet give the seller clarity on the value you bring to the process?
Episode #14. Anders Ibsen went from 18 transactions to 61 transactions in his 1st 4 years in real estate by being relationship based in his approach.
Episode #13. The consistent processes Real Estate Agents need for predictable results.
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Episode # 12. How to survive, maintain and thrive by way of being consistent and authentic to who you are. Just get it done.
Episode #11. The power of using the 5 step calling process.
Episode #10. Working with buyers to get their offers accepted.
Episode #9. Meet Lucy Wood, the 3rd generations in the Windermere family Real Estate Company.
Episode #8. 6 ideas on staying on track with your business, and reducing stress this holiday season.
Episode #7 Creative ways to be the Real Estate Trusted Advisor using FB groups and YouTube with Kelly Martin.
Episode #6. The benefit of Windermere Relocation when you understand abundance and win win.
Episode #5. Busting the myth in Real Estate of working 24/7. Remember you are only human, and it is ok to let clients know that.
Episode #4. What do you do that is consistent when it comes to building referral-based relationships with your sphere?
Episode #3. Ideas from Top Windermere Ninjas planning for a great Q1 2022.
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