Live Event - will also be Simulcast via a Live Stream!
What is a 1031 and how can you do one to save money by not having to pay taxes immediateley upon the sale of an investment property?
A 1031 exchange, also known as a like-kind exchange, is a tax strategy used by real estate owners and investors to defer taxes on property dispositions or sales. It allows an exchange of real property used in a trade or business, or held as an investment, for other real property used in a trade or business or held for investment. Like-kind refers to nature or character, not grade or quality; it is not necessary to re-invest in the same asset class. If you are considering a 1031 exchange or ready to move forward with one, it’s important to partner with a qualified intermediary (QI).
1031 exchanges are a great tool to know about. YES, there are rules to follow to a "T", but they are worth it to defer taxes in many cases.
Caroline Chandler, from Bankers Exchange in Greenville, will explain the regular exchange process and touch on more involved ones such as reverse exchanges, construction exchanges.
She will answer questions like "Can you exchange a Note?"
"Can you exchange a property with an installment sale mortgage?" and much more.
If you are a UCREIA Member who's done a 1031, we want to hear from you and ask you to tell a brief description (1-2 min) of your experience, tax deferred savings, stress of identifying replacement properties, etc. Or if you have questions in advance, please send in so the speaker can be aware.
Contact Karla at education@upstatecreia.com if you want to be included on stage briefly or have questions to ask speaker.