How to Avoid Paying Taxes When Selling Real Estate: Step by Step Guide to Using a 1031 Exchange
HTML-код
- Опубликовано: 29 июн 2024
- Would you like to learn more about this topic and talk to someone? Schedule a free consultation here: aba.link/sc7
In this video, I'll provide you with a comprehensive overview of 1031 exchanges and explain everything you need to know.
If you have significant gains in your personal residence, you can convert it into an investment property before selling to take advantage of the 1031 exchange.
This can help you defer substantial taxes, even if you already benefit from the 121 exclusion for primary residences.
Learn how to structure your exchanges to avoid depreciation recapture and capital gains taxes. This section will show you the importance of reinvesting correctly to maximize tax deferral.
🔔 Don't forget to subscribe for more insights on real estate investing and business strategies!
Show Notes:
0:00 Intro
1:20 - Eligible Properties for 1031 Exchange
3:15 Acquire Properties of Same Value
6:09 Identify Properties in 45 Days
8:26 Replacement Property
10:51 Final Notes
---------------------------------------------------------------------------------------------------------
SUBSCRIBE
aba.link/subscribe
~~~~
FREE TAX & ASSET PROTECTION WORKSHOP
Register for an upcoming workshop today if you want to protect your business and personal assets from snoopy lawyers and creditors. Save Your Seat: aba.link/0686bd
TAX TUESDAY LIVE
Join us every other Tax Tuesday, where you can have your tax questions answered live by our experts entirely FREE. Register Now 👉 aba.link/fa4
OTHER ANDERSON ADVISOR EVENTS
Learn a rich selection of subjects like tax and asset protection, business, investing, and more. Our partners, attorneys, and other skilled experts will help you learn what you need to know in order to better your chances of success in your professional life.
aba.link/tobyevents
~~~~
FINANCIAL PLANNING & TAX RESOURCES
📚 Order Your Copy of "Infinity Investing: How The Rich Get Richer And How You Can Do The Same" Here: 👉👉 👉 aba.link/IIWbook
Order Your Copy of ”Tax-Wise Business Ownership" and find greater success by taking advantage of tax laws for your business. Here 👉 aba.link/tobyshop
Visit Anderson Advisor's website for content, like articles, podcasts, and more that we publish alongside my channel. 👉 aba.link/tobyaba
~~~~
FOLLOW US:
Instagram: aba.link/instagram
Facebook: aba.link/facebook
Twitter: aba.link/twitter
LinkedIn: aba.link/linkedin
TikTok: / tobymathisesq
~~~~
CONTACT US
Phone: 800.706.4741
Email: info@andersonadvisors.com
Fax: 702.664.0545
ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
---------------------------------------------------------------------------------------------------------
WARNING: I will NEVER ask you to contact me through RUclips comments, telegram, or WhatsApp. I have a checkmark next to my name, and my comment will be highlighted. Fake accounts do not have that. Please be aware of fake accounts trying to scam you using my name and picture.
The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#1031exchange #1031explained #taxstrategy
If you want to dive deeper into this topic, schedule a free consultation with my team today. Visit: aba.link/sc7
1031s are a great tool but call your political representatives ( don't ever call them leaders LOL ) and get them to bring back 100% bonus depreciation. The commercial market needs incentives to recapitalize these markets. Toby, this was a great primer on the basics of the 1031exchange!
Glad you enjoyed the content!
Great video, Toby!
I appreciate your support, it means a lot to me!
How much does a QI usually charge for handling this transaction?
I purchased a house 20 years ago $90k and paid it off. Its now worth $325. About 5 years ago I purchase a new house. But I never rented the old house. ( Sounds like that doesn't matter with capital gains ) Question is Can I buy a new house, Rent it for 6 months to a 1 year & Then sell my home im in now ( won't have pay capital gains ) & Then move into the home i was renting. Let's say for about 5+ years. Would I have to pay Capital gains ?
Or if I lived there for the rest of my life and had it in a trust.
Thanks
It sounds like you're exploring some interesting options regarding capital gains. It might be a good idea to consult with my team to get a clear understanding of the implications. aba.link/sc7
What if you move into 1031 exchange use as primary residence for 2 years. Held for 5 years, 3years rental income. $500,000 capital gain tax free?
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide with you an answer that is unique to your situation. Visit: aba.link/sc7
Who are the Qualified Intermediaries, and how do we look them up?
To get the best answer tailored to your specific circumstances, I recommend scheduling a free consultation with my team. Visit: aba.link/sc7
I was trying to sell my rental and buy a property I built for rental. I was told you could not buy a property from yourself. What do you recommend. Thank you
I recommend setting up a free consultation to discuss some strategies and how they apply to your unique situation. Sign up here: aba.link/sc7
What if the only taxes will be sales tax?
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide with you an answer that is unique to your situation. Visit: aba.link/sc7