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Ask us a 1031 question.jack: sold an investment property and using proceeds for 103q1, but I need a loan to cover rest of new purchase. Can I have cosigner on new loan or will that threaten the 1031?
Ask Cody Walkup1031 Cody: Jack: having someone co-sign on the loan for your replacement property doesn't add risk to your exchange, but be careful because you must take title to the new property exactly how you held title to your old property. Call us if you want more details.
Ask us a 1031 question.Marty: Hello, If I purchase a "future primary residence" that I intend to rent and/or roll into my sole prop will I still be eligible?
Ask James Schuler1031 James: The answer is YES. The important thing is that you use the New Property for at least a year and a day as investment property. BUT be careful on the details. call us: 866.694.0204
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Bare Bones Basics of a 1031 exchange
Cody Walkup Cody Walkup
for 1031 Exchange Experts, LLC

In simple terms, a 1031 safe exchange moves the gain from the sale of an old investment property into the purchase of a new investment property. By moving the gain into a new property, you defer paying tax on that gain into the future.

For example, suppose Jane Doe sells her rental house for $200,000. She bought it five years ago for $150,000. Now using a 1031 exchange, she buys another investment property for $200,000. By following the IRS’s requirements, she is able to transfer all her gain into her new property instead of paying taxes on the sale.

Since the most recent real estate boom, people have become more aware of 1031 exchanges than ever before. Even with this increased awareness, there are still some prevalent misconceptions about this specific section of the tax code. As a 1031 exchange consultant, I hear these misconceptions everyday. Here are the most frequent three I hear:

1) I’m selling a rental house, so now I have to buy a rental house.

This is not true. The IRS uses the term “like-kind,” but for real estate this is very broad. Both your old a....

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See also:

1031 In a Nutshell - Kim B.

Why do a 1031 Exchange? - Jim Sides

Exchanging & Saving - Elaine Brockman

Absolute Beginners Start Here - James Schuler

1031: 101 - Exchanges for Beginners - Curtis Moore, Esq.

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PREVIEW: 07/01/2009
1031 NEWS...

Speed Bumps: Selling Multiple Properties in a 1031 Exchange

Gary Gorman

Gary Gorman
Founder, Managing Partner, 1031 Exchange Experts, LLC

Can you sell multiple properties in a 1031 exchange and roll all the gain into one larger property? A normal 1031 exchange has certain rules, and selling multiple properties doesn’t change those rules. But it certainly presents speed bumps that you’ll need to overcome. Nothing difficult, but things you will need to think about and that will take patience and discipline at the beginning of your transaction.

The first speed bump involv....

Read the rest of, "Speed Bumps: Selling Multiple Properties in a 1031 Exchange" here....

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Recent articles:

Congress Limits Gain Exclusion on the Sale of Some Primary Residences - Gary Gorman

Where’s Your Pooled Exchange Account Invested? - Gary Gorman

What Happens When You Sell An Exchange Property At A Loss? - Gary Gorman

50% Partnership Interest Purchase: ‘OK’ says IRS in a Reverse Exchange - Gary Gorman

Bankruptcy Court Ruling: 1031 Sub-Accounts Available to Creditors - Gary Gorman

070109


1031 Exchange Experts, LLC, specialize in SAFE EXCHANGES.

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This Week's TEE-Shot

07/03/2009
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Odd Structure OK'd by IRS in 50% Partnership Reverse Exchange...

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A partnership had two partners: A and B. B wanted to sell his 50% interest to A. Since A already owned the other 50%, when he acquired the interest and the transaction was completed, he would own all of the partnership.

A had not yet soldhis old property. His plan was to sell his old property and then buy B’s 50% interest in the partnership by doing a 1031. Normally this wouldn't be allowed, but read here why the IRS allowed it in THIS case.

...to read the rest of "Odd Structure OK'd by IRS in 50% Partnership Reverse Exchange?" subscribe to Tee-Shots!

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I really like receiving Tee-Shots and all the information your company provides. Best regards, Laurie

Laurie Dufloth
REO Specialist Group
Ft. Collins, CO

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07/01/2009 9:05:00 AM

IRS Form 8824: This is the official 2-page form that you submit with your federal tax return to report the details of your 1031 exchange. You may be required to submit additional tax forms and calculations that relate to your exchange, but 8824 is the only form used for reporting the exchange itself.

You must file Form 8824 with your tax return for the year in which you sold or transferred property in an exchange, regardless of when you purchased the....

see, "How do I report my 1031 exchange to the IRS?" here

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