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?
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.
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.
Great info!
Great info Clint! I’ll be in touch very soon! Peace family
Emperor Brandon El
Thanks for watching.
Can you do cash out refi before you sell?
yes but you will need to roll the debt into the exchange property
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.
brilliant
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.
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.
what are the estimated fee's to the QI to do a 1031?
They range between 1k to 3k typically.
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.
This goes away in 2023, correct?
No it is reduced to 80%