1:42 Michael Scherer, tell me a bit about your company and how did you get to where you are today?
2:40 What makes 1031's so complex? Tell us more about that.
3:31 There are certain little tips and tricks that I like to throw out there around 1031 exchanges that people can get trapped in
4:35 There are certain states that don't necessarily recognize like kind exchanges like others. Is that correct?
5:59 What are some other things to kind of look out for and who's a good...how would a tax advisor identify the right clientele for like kind exchanges?
8:45 The like-kind exchange used to qualify a lot of different types of property. Now it's specific to real estate and investment property. Is that correct?
9:31 Tell us a little bit more about using a Delaware Statutory Trust.
11:38 Now why is it so important for advisors, accountants, etc. to work with a company like your's to do these things?
16:27 Is there talk of any changes to the tax regs around like kind exchanges?
19:41 Talking a little bit more about the accounting profession or what not - is there a particular piece of advice that you may give an accountant if they're looking to start adding more advisory services into their portfolio and to start working for companies like your's?
25:19 I'm curious if there's a particular case with a client that you've worked with that maybe went off the rails, and you got back on track, and you were super excited about it. Or you just had an immense amount of savings. Can you think of an example of something like that where it was really unique or special to you when it comes to the savings involved?
37:25 Rich Dad Poor Dad book by Robert T. Kiyosaki:
https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194
🔗 Connect with Michael Scherer
https://www.linkedin.com/in/michael-scherer-8147504/
https://www.rcxcapitalgroup.com
🔗 Connect with Dr. Jackie Meyer
Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa
Jackie on Instagram @jackiemeyerCPA
Jackie’s work at https://www.jackiemeyercpa.com
This episode is brought to you by TaxPlanIQ:
https://www.taxplaniq.com
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In this episode of The Concierge CPA, Jackie Meyer interviews Michael Scherer, Senior Regional Vice President of RCX Capital Group, discussing the complexities of 1031 exchanges and the best strategies for real estate investors. Michael sheds light on how 1031 exchanges, particularly Delaware Statutory Trusts (DSTs), can provide significant tax savings and portfolio diversification for real estate owners. He emphasizes the importance of working with qualified intermediaries and solution-agnostic advisors to navigate 1031 exchange investment options, ensuring clients maximize their tax benefits.
One of the key takeaways from the conversation is the importance of real estate strategies that help clients defer capital gains taxes. Scherer explains how RCX Capital offers a tailored approach to 1031 exchange investments, focusing on the unique needs of each client. He shares case studies that highlight innovative combinations of 1031 exchanges and Opportunity Zones to optimize outcomes. Additionally, Scherer introduces a zero-cashflow DST strategy, allowing exchangers to refinance up to 85% of their equity, offering greater flexibility and liquidity.
Michael also discusses the broader landscape of real estate strategies, emphasizing that high-net-worth investors with significant capital gains should explore best 1031 exchange investments to ensure long-term wealth building. By working with firms like RCX Capital, clients can access a variety of 1031 exchange investment options, including passive real estate opportunities, which can fit their specific goals.
Throughout the episode, the conversation highlights the growing role of tax advisors in delivering advisory services beyond compliance, especially through the strategic use of tax planning software like TaxPlanIQ. For those looking to scale their accounting practices or enhance their client services, this episode offers practical insights on leveraging 1031 exchanges and other real estate strategies to drive value and growth.
Listeners interested in enhancing their real estate investment strategies should consider the advantages of 1031 exchange investments, including tax deferral and portfolio diversification. As Michael notes, by partnering with knowledgeable advisors and using advanced tools, firms can unlock substantial financial benefits for their clients.
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