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1031. When you are a commercial real estate investor, this number refers to IRS code 1031, which allows someone to take the proceeds from the sale of an investment property and reinvest it into a similar or better property without incurring a capital-gains tax.
The IRS considers the tax deferred since the transaction is more of an exchange than a sale. In order to complete a 1031 exchange, you generally have to have a “Qualified Intermediary” lined up, and the intermediary holds the capital gains for you in escrow for up to six months until you close on your next property.
On today’s show we have three of the very best 1031 QIs in the country from Chicago Deferred Exchange Company: Mary Cunningham, Chicago Headquarters; Teresa Moss, West Region, and Eric Goldberg, East Region.
The 1031 exchange process is complex, and unfortunately for many investors, millions of dollars have been lost to unscrupulous providers. Listen, and let us help you learn to invest “well” in real estate.
Click the Show Notes button above for more topic details.
(PDF format).
