10/08/2024
Ted'sTaxTipTuesday to Build, Protect, and Transfer Generational Wealth through Real Estate
Do you own more real estate than your primary residence? ✅ Do you want to learn ways to defer your capital gains taxes? ✅ Do you love your children and want to pass on assets? ✅
If you answered YES, YES, YES, then you should learn more about a 1031 exchange. A 1031 "like kind" exchange allows real estate owners to use the proceeds from the sale of an investment property to purchase another property or properties. Generally, as long as the new properties are of equal or greater value than the relinquished property the exchange allow the real estate owner to defer all capital gains taxes on the sale.
What properties qualify? What is a qualified intermediary (QI)? What is the 200% rule? And the 45 day potential replacement property identification period vs the 180 day closing period from the time the relinquished property closed?
It can be overwhelming and confusing so not only is it ok to ask questions, but it's important that you DO ask questions to understand the basics of this process - in order to allow you to bless your children and your grandchildren.
https://strategicrealtyplanners.com
