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Rainmaker
5,176,435
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

I did them in the past, and ALWAYS worked through an attorney.... all parties with whom we do business have their own attorneys.... well worth the money and it's stress free for agents....we don't play attorney.

Oct 22, 2019 03:47 AM
Rainer
62,715
Ken Jones
Realty ONE Group Central - Freehold, NJ
There's no substitute for Experience.

Angilina taylor You're looking to do a 1031 exchange and you don't know what it is?

Read this and learn about it before you get yourself into a mess:

The 1031 Tax Deferred Exchange

Oct 22, 2019 04:58 AM
Rainmaker
3,183,961
Richard Weeks
Dallas, TX
REALTOR®, Broker

I would start by finding a good Qualified Intermediary in your area.

Oct 22, 2019 03:14 AM
Rainmaker
2,842,940
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

I've done many.  Your profile reads "1031 Exchange Expert". 

Interesting. 

Oct 22, 2019 06:22 AM
Rainmaker
3,472,807
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Interesting.   Doesn't your profile discuss the 1031 exchange process?

Oct 22, 2019 05:50 AM
Rainmaker
3,272,823
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I would recommend you get advice from an attorney who specializes in handling 1031 exchanges.

Oct 22, 2019 04:39 AM
Rainmaker
1,162,850
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Ken Jones, Realtor has your answer. Best of luck to you.

Oct 22, 2019 05:19 AM
Rainmaker
640,506
Peter Mohylsky, Beach Expert
PrimeSouth Properties - Santa Rosa Beach, FL
TOP LISTING AGENT ALONG THE BEACH

Where and how much.  Hire an expert.

Oct 22, 2019 03:48 AM
Rainmaker
434,914
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

Just make sure your client is hooked up with an experienced 1031 facilitator and you'll be fine. You will need to disclose to the seller that the buyer is doing a 1031 and the seller understands this and agrees to be part of the buyer's 1031 (at no cost or harm to the seller).

As to what is a 1031. The simple answer is that the IRS allows the owners of non- owner occupied properties to "defer" the capital gains tax that would be due on the sale of one of their non-owner occupied properties IF they roll those funds into another poroperty of like kind (if they buy another non-owner occupied property or properties). Specific rules and deadlines must be followed which boil down to the party that is doing the 1031 never getting posession of the sale proceeds.  Basically the person/entity doing the 1031 can't "touch" the money from the sale. Once it's "touched" it's received and taxes are due.  Thus the facilitator receives the proceeds of the sale and "buys" the replacement property (or properties) on the principles behalf.

Perhaps I got a little too wordy but I tried to make it simple - they are relatively simple to do but do not miss the deadlines. And if you just make sure your client is hooked up with a good 1031 Facilitator - the facilitator will guide you along.

 Hey wait a minute. Is this some kind of set up?? You profile states that your are a 1031 expert...WT$$?

Oct 22, 2019 06:28 AM
Rainmaker
789,796
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

In a 1031 exchange, TIMING is crucial.

It is possible, if the owner/buyer is willing to allow and inexperienced agent to intervene, the time is reaching expiration and they are desperate.

The good news is....'COMPROMISE' is back on the table.

Understand the situation before to over invest.

Oct 22, 2019 05:35 AM
Ambassador
4,442,155
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

With all rental homes I suggest staying local, where do you want to be with these investments.

A 1031 may sound like a great tax savings or deferrment, but if the investment is not sound then it does no good to save a few tax dollars.

Find a local agent who can help you to navigate to the best investments, and find a good cpa with experience in 1031s to help with that part of the deal.

 

Oct 22, 2019 05:34 AM
Rainmaker
1,046,880
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

 Suggest you call your company.  

Oct 22, 2019 05:24 AM
Rainmaker
463,971
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

Get a 1031 attorney before you sell

Oct 22, 2019 04:51 AM
Rainmaker
304,673
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

Find an Attorney that specializes in the 1031 exchange process, then identify the property.

Oct 22, 2019 03:55 AM
Rainmaker
3,415,130
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Richard Weeks nailed this one! Do not pass go!

Oct 22, 2019 03:31 AM
Rainmaker
553,332
Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

There are rules to follow with a 1031 that you need to know before you do anything.

You need an intermediary to walk you through this...

 

Eve

Oct 22, 2019 05:58 AM
Rainmaker
766,993
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

OK you're in your upleg? In other words, you've sold your property to be replaced and are now looking for replacement property to be IDd?

(HOPEFULLY you have NOT CLOSED or received funds from the downleg (relinquished) property directly. No 1031 can happen if you have 'touched' those funds.)

So you have an exchangor/intermediary? THAT'S your go-to.

I've worked on many 1031s including several of my own, and the process is pretty easy to wrap around. You MUST have an intermediary, though, to make sure you are staying within the rules regarding what is like-kind, dealing with boot if any, staying within the timeframe, etc.

You also need that expert to help you crunch the numbers and see if a 1031 is appropriate in your case. Sometimes it doesn't make sense. Sometimes it can't be done.

Ken gave you some good info - here's more 

Oct 22, 2019 05:50 AM
Rainmaker
1,572,864
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

I believe that google can help you out tremendously. It's no big deal.

Oct 22, 2019 05:27 AM
Rainer
5,376
Mahogany Boyd
Mahogany Lending Group - Miami, FL
We specialize in unsecured lines of credit

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Nov 27, 2019 09:31 AM
Rainmaker
4,202,556
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Check this site - www.1031.com

 

Oct 29, 2019 07:28 AM
Rainmaker
2,502,964
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Those that do this are specialists...explanations is how they started out but practice made them perfect....

Oct 23, 2019 06:57 AM
Rainmaker
1,272,933
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

I guess, now you have all good answers and will do it.

Oct 22, 2019 07:12 PM
Rainmaker
4,633,658
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

You should work with a 1031facilitator, and I am confused, how can you be a 1031 expert if you are asking this question..A

Oct 22, 2019 06:19 PM
Rainer
248,763
Caroline Gerardo
Pinnacle Home Loans - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

 

watch your time lines!!!

Identify several properties and spend the money to complete due diligence.

Hire a PROFESSIONAL exchange company 

 

Oct 22, 2019 12:18 PM
Rainmaker
729,473
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Your best bet is to engage with a 1031 Exchange company and ask the experts.

Oct 22, 2019 11:50 AM
Rainmaker
750,906
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Best to check with a knowledgeable accountant.

Oct 22, 2019 10:53 AM
Rainmaker
583,164
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

While I could sum it up briefly there is a rule that agents should not be giving legal advice out. When it comes to these I'd say let the attorney handling your 1031 exchange provide that answer. 

Oct 22, 2019 09:26 AM
Rainmaker
1,275,452
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I suggest doing a little duck duck go searching for the answers.  Lots of good authoritative resources on these out there.

Oct 22, 2019 07:51 AM
Rainmaker
1,678,477
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

My experience with 1031's has always been less than my clients. Those clients knew exactly what they wanted and how to accomplish it. They usually have a team including myself as a wise Realtor who knows the market and a CPA who knows what needs to be know financially Angilina taylor .

Oct 22, 2019 07:21 AM
Ambassador
4,103,816
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

See what Ken Jones, Realtor has to say. And find a good qualified intermediary.

Oct 22, 2019 07:15 AM