1031 exchange - Posted by RICHARD ADAMS

Real Estate Investing Real Estate Law
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Posted by John K Haslach, CPA, MST on February 15, 2005 at 09:40:39:

You should get in touch with someone local to help you with it. Do a search on the internet for 1031 exchanges and find a couple in your area. Talk to several before deciding on who to work with. If one doesn’t work out, try another.

John K. Haslach, CPA, MST

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1031 exchange - Posted by RICHARD ADAMS

Posted by RICHARD ADAMS on February 15, 2005 at 06:15:38:

I am planning on selling a rental property I have owned in Ca. since 1984. We have been living in AL. for the past three years and have claimed depreciation on the home. I am in need of professional accounting and legal guidance on how to go about completing a 1031 exchange.

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you probably need a pro… - Posted by David Krulac

Posted by David Krulac on February 16, 2005 at 22:39:06:

since I presume you haven’t done it before. A facilitator will charge from about $500 to $2,000 or more depending on the price and complexity.

Some key pints to remember:

  1. you must identify the replacemnt property in 45 days. go over that and the exchange is invalid.

  2. you must settle on the replacemnt property by the 180th day. people who say 6 months are wrong since some six months are more than 180 days. Go over the 180 days and you’ve blown the exchange.

  3. you can NOT get the proceeds from the relinquished property nor may you get constructive receipt. take the money and you’ve blown the exchange.

  4. to owe no taxes the replacemnt property purchase price must exceed the the relinquished property sale price. (there are adjustments for the sale and pruchase costs.)

The process is technical and you want to dot the i’s and cross the t’s

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Re: 1031 exchange - Posted by Rich[FL]

Posted by Rich[FL] on February 15, 2005 at 10:28:13:

Richard - where in AL are you? If you’re close enough and have enough time, there is going to be a 1031 exchange seminar here in Panama City on March 26th. I understand that a person by the name of Gary Gorman will be discussing the 1031 exchange process.

If you’re interested in attending, let me know and I’ll pass along the details when I get them.

Rich