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1031 Tax Deferred Exchange | Pay No Taxes When You Sell a Property
Kelly is doing a follow-up on the Depreciation episode from yesterday and talking about 1031 tax exchange, which means essentially you pay no taxes when you sell a property and technically you postpone the tax, including any of the taxes associated with depreciation. This is not like a tax free situation, but rather you’re postponing the taxes you will need to pay and “kicking the can” down the road for that payment to a later date. You’ve gotta do everything right and there’s a whole etiquette, so listen to Kelly discuss this topic to understand what you need to know about this concept.
“So why the high cost and what is QI? Well legally, you need what’s known as a qualified intermediary who holds the proceeds from the sale of your property and will assist you in acquiring the replacement property and following all these timeline requirements. This is not the time to give your brother’s friend’s attorney a chance, OK?”
- The definition of a 1031 or like-kind exchange 1:50
- An example 2:50
- QI and high cost 4:50
“So why the high cost and what is QI? Well legally, you need what’s known as a qualified intermediary who holds the proceeds from the sale of your property and will assist you in acquiring the replacement property and following all these timeline requirements. This is not the time to give your brother’s friend’s attorney a chance, OK?”
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By LaunchPod Media inc.
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Kelly is doing a follow-up on the Depreciation episode from yesterday and talking about 1031 tax exchange, which means essentially you pay no taxes when you sell a property and technically you postpone the tax, including any of the taxes associated with depreciation. This is not like a tax free situation, but rather you’re postponing the taxes you will need to pay and “kicking the can” down the road for that payment to a later date. You’ve gotta do everything right and there’s a whole etiquette, so listen to Kelly discuss this topic to understand what you need to know about this concept.
“So why the high cost and what is QI? Well legally, you need what’s known as a qualified intermediary who holds the proceeds from the sale of your property and will assist you in acquiring the replacement property and following all these timeline requirements. This is not the time to give your brother’s friend’s attorney a chance, OK?”
- The definition of a 1031 or like-kind exchange 1:50
- An example 2:50
- QI and high cost 4:50
“So why the high cost and what is QI? Well legally, you need what’s known as a qualified intermediary who holds the proceeds from the sale of your property and will assist you in acquiring the replacement property and following all these timeline requirements. This is not the time to give your brother’s friend’s attorney a chance, OK?”