How To Use A 1031 Exchange To Pull Out Tax-Free Money
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- čas přidán 26. 06. 2024
- We’ve taken the time to talk about 1031 exchanges here on the channel before, but in addition to the channel, we want to go into more detail on how you can pull tax-free money out of one.
As always, Clint Coons, Esq., our host will be going into a fair amount of detail on how there exists an opportunity to receive money without the worry of taxes.
“If you're considering doing a 1031 exchange, 2022 is a great year to do that.” 6:41
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If you’re not familiar with the 1031 exchange process, it is a way for real estate investors to sell an asset and reinvest the capital into another one without paying taxes on the profit. The idea is that your profits are put towards another asset and then when you sell that new investment, you’ll be able to claim all of your costs back.
So with those details in mind, you may be asking how one can pull money out of such a tactic meant for reinvesting. Well, the answer is simple: by using a 1031 exchange strategy we will be sharing right here.
If you are interested in learning more, make sure that you watch our content until the end to ensure you absorb all the knowledge we are offering via a professional free of charge.
We are grateful for our audience joining us, so please do not hesitate to share this video with others, and if you have any questions or comments feel free to leave them in the comment section below.
It is our sincerest hope that you like the video and subscribe to the channel so as not to miss out on future videos. Thank you, and we look forward to hosting you in the future.
Show Notes:
0:00 Intro
0:08 Basics of 1031 Exchange Strategy
4:18 Figure out depreciation
6:40 Outro
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#1031exchange #realestate #realestateinvestor
Great info!
brilliant
Great info Clint! I’ll be in touch very soon! Peace family
Emperor Brandon El
Thanks for watching.
Hi Clint!
For each subsidiary I create, do i also need a business address? Or am I able to use the same address of the holding company.
Thanks!
You can use the same business address for all of the entities.
Just found your amazing channel. I have some investments through real estate funds. What happens if I don't want them to do 1031 exchange when the properties are sold? Do I have to pay full taxes on my gain? or is there away to cash out and use the cash toward my own future investment to defer capital gain tax?
That is the problem with funds - you are stuck with their decision and your options are limited. If you did not want to pay the tax consider using a charitable remainder trust if it is suitable.
@@ClintCoons Thank you Clint
I am an Anderson's platinum member. I am going to do 1031 exchange soon. Does Anderson have any referal for 1031 QI company?
We do not.
To use a cost seg depreciation after a 1031 exchange, does the exchanging entity have to be flow through entity like an S corp, or can C Corp's benefit as well? Doesnt seem like C Corps would qualify because of the Corp tax level. Thanks!
Correct you would want to use a flow through. The entity choice is determined based on how title is held.
What if it’s a C-Corp? They can still be used. My corp is already established with bank accounts and credit cards. Please advise Clint? 1:41
@@ClintCoons
@@emperorbrandonel Yes if you have real estate in a C-corp and want to use 1031 when it is sold, you can use this strategy. The LLC will be disregarded to the C-corp.
Can you do cash out refi before you sell?
yes but you will need to roll the debt into the exchange property
what are the estimated fee's to the QI to do a 1031?
They range between 1k to 3k typically.
I saw that Bidens 2023 proposal stated that he was going to limit 1031 exchange amounts to 500k/1m but I cant find anything that says it either passed or was rejected. Does anyone know the status of that proposal?
I have not seen anything on this.
Can I pull out my down payment when I bought the first property that will be in 1031 exchange? Let’s say the property was bought for $1m but $300k was a down payment. Now this $1m was sold for $1.3m. Can I exchange it to a $1m only and pull out my original money of $300k that was used for down payment? This $300k was already taxed money from my salary before.
You must roll everything.
This goes away in 2023, correct?
No it is reduced to 80%