Do you have to use a real estate agent to sell your property? Can we FSBO the house we own to maximize profits?
Absolutely! You may certainly 1031 Exchange your property for another property without the assistance of real estate agent. 1031 Exchange is a tack-on to a straight real estate sale and all real estate rules still apply. Though, in defense of real estate pros, the advantages of using a real estate agent are endless. Often a full-time marketer is the best way to sell your property and help you find a new one. Most real estate agents earn their commissions which are deducted from your tax as a necessary cost.
Can I exchange my third ownership (TIC) into a REIT?Thank you.
This really depends on how the 1031 exchange property is deeded and is there actually going to be a sale of the property.
My rental house burnt down. Can I still 1031 Exchange it?
1031 Exchange is not meant to assist with disaster relief. There are other types of exchanges available to you in the event of fire or compromised properties, what you are looking for is information about 1033 Exchanges. Here is a great article about 1033 Exchange.
My dad died during his 1031 Exchange. How do I continue it?
If you are an heir to your father’s estate you and your other heirs may opt to pursue continuing your father’s 1031 Exchange. This is going to require the help of an attorney to help you with the Title Considerations of the exchange.
When is the 1031 Exchange tax due?
If you successfully conducted your 1031 Exchange property, there should be no tax due from the exchange because your taxes have been deferred to the next sale…whenever you decide you want to sell it. You are required to report your 1031 Exchange with your taxes at tax time.
I own a residential rental property in VA that I am planning to sell. I am converting my current residence in Fairview Heights IL to a rental property and want to put the proceeds from the VA property into the IL property. What issues do I need to be aware of?
Good evening,Can predevelopment costs (i.e. architect fees / plans, permits, engineering, etc.) be packaged with land to be included towards the eligible costs of a 1031 Exchange?
No they cannot. Only the costs to sell a property make be included in a 1031 exchange
Can you tell me if there is a CO tax on a 1031 exchange done in the state and I am not a Colorado resident.
How do I become a preferred agent and get listed on your website?
Easy. Check out http://www.realtyexchangers.com/1031_Exchange/index.html for more information.
How do I prevent my 1031 Exchange from failing?
The best thing you can do to prevent your 1031 Exchange from failing is to keep it as simple as possible. Soon you complicate things, changes are high your 1031 Exchange will fail.
