• 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.
Episode #3. Ideas from Top Windermere Ninjas planning for a great Q1 2022.
Episode #1 An interview with Francy, A UW Senior majoring in Real Estate, how her perception of real estate changed.
Episode #2. How do you stop paying for real estate leads, earn more income and create work life balance?
Episode #22. Build a strategy to engage with valuable information instead of promoting yourself.
Episode #21. As a real estate trusted advisor how well are you at articulating your value proposition?
Episode #20 When it comes to your moments of truth what tool helps you standout virtually and so much more when listing a home?
Episode #19 How to be Authentic, think out of the box and live your life now. Real Estate and life harmonized.
Episode #18. Having a coach is important, but being coachable is just as important.
Episode # 17. Your true worth is determined by how much you give back rather than how much you receive in payment, Diana Patterson explains.
Episode #16. Starting in 2018 Kamila took Ninja right away, then started coaching. Listen how she can maintain an evergreen business by being herself.
Episode #15. There is an audience on Tik Toc that wants to see your value-added post. Kehaulani Keanaaina with Windermere Kona explains.
Episode #14. Not all communication is created equal. Focused, Direct, Compassionate. Nuggets from the book Your Time to Thrive.
Episode #13 How do Windermere Agents/Offices help the communities we serve? The power of giving back through our foundation.
Episode #12. The power of communication is determined by your ability to truly listen.
Episode #11 Can I have a great business and a full time assistant in three and one half years? Mark Chavez says yes.
Episode #10. Three strategies when it comes to having a balanced life and an evergreen real estate business based on referrals.
Episode #9. Are you a consistent go giver? Have you figured out how to not complicate things and just get it done? Well Erin Hoppe has some advice on this topic.
Episode #8. Are you using video today to connect and build relationships? Well Nancy Chapin is doing video and shares here ideas.
Episode #7. It is all about showing up professionally. Listen to what a true expert is saying when it comes to representing your buyer or seller in this frenzied market.
Episode #6. Use the 5 magic questions to tap into your clients’ future dreams and goals.
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