Key Takeaways:
Definition and Purpose: Understand what a 1031 exchange is and how it defers capital gains taxes on the sale of a business-use or investment property.
Like-Kind Property: Learn what constitutes a like-kind property and the flexibility allowed within the definition.
Timelines: Know the crucial deadlines: identifying a replacement property within 45 days and completing the purchase within 180 days.
Strategic Planning: The...
Key Takeaways:
- Definition and Purpose: Understand what a 1031 exchange is and how it defers capital gains taxes on the sale of a business-use or investment property.
- Like-Kind Property: Learn what constitutes a like-kind property and the flexibility allowed within the definition.
- Timelines: Know the crucial deadlines: identifying a replacement property within 45 days and completing the purchase within 180 days.
- Strategic Planning: The importance of engaging a strong team for a seamless transaction.
- Continuous Deferral: Strategies to keep deferring gains through multiple 1031 exchanges and transferring gains to an estate.
Chapters:
Timestamp Summary
0:05 Understanding 1031 Exchanges for Real Estate Tax Deferral
2:31 Understanding 1031 Exchange Rules for Real Estate Investments
5:33 Navigating Property Acquisition Timelines and Escrow Requirements
6:55 Strategic 1031 Exchanges and the Importance of a Strong Team
8:35 Tax Strategies and Financial Advice for Texans
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
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