Did you know you could legally defer capital gains taxes when selling an income property and buying a replacement property?
In this episode we delve into the essence of growth and the importance of continuous learning within our real estate careers. We discuss the mandatory comprehensive education required every four years to maintain our licenses, which spans crucial areas such as consumer protection, ethics, and agency law.
We specifically focus on the 1031 exchange—a tax-deferred strategy that allows the transfer of profits from one income property to another of a similar kind, effectively deferring taxes.
We share insights into the intricacies and potential pitfalls of this process, stressing the necessity of avoiding direct receipt or control of the funds to ensure the validity of the exchange. Additionally, we explore the possibility of exchanging investment properties for vacation homes under specific conditions to qualify for 1031 benefits.
We invite our audience to reach out with any questions, emphasizing our commitment to ongoing learning and growth to enhance the service we provide to all of you. By offering our expertise and leveraging our connections, we aim to assist with strategizing around investment properties, strating a portfolio, growing your portfolio or for those those interested in diversifying their real estate investments across different regions and states throughout the United States we can help with research, ideas and recommendations.
For the full content, click above to watch a brief video.
