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Preserve Equity, Build for the Future
Using a 1031 Tax Exchange
Leaving California or is it time to reinvest in a different property or state? Do you want to make a change but feel restricted by potential tax liability? Maybe you would prefer an investment in a different city, region or even another state? Many owners think that they may be stuck in their current investment property? Whether you bought it as an investment or it was an owner occupied that went past your 3 year deferment period you have options. Possibly you would like to combine many properties into few or few into many? If so, look into 1031 Tax Exchanges which allow you to defer taxes on capital gains resulting from the sale of investment real estate.
With an exchange, owners are able to preserve equity, while still selling the property. To accomplish this, sellers hire a Qualified 1031 Intermediary (QI) to document the sale as an exchange and to receive the funds from the sale. I can
not stress the importance of a THIRD party for the exchange. This does NOT mean a title or escrow company. By definition you can not have any direct control over the funds.
Central to a 1031 Exchange is the interpretation of like-kind property. While the common assumption is that like-kind implies land for land or a condominium for a condominium swap, the interpretation of like kind is actually less literal. Rather, it defines like kind as meaning that both the replacement and the original property must be used as an investment. So land, condominiums, single-family homes and motels can all be exchanged for one another as long as they are used in the exchanger’s business or held as an investment.
1031 Exchanges are complex mechanisms and like all IRS requirements, they are very specific. For example, exchangers have 45 days from closing to identify properties they intend to purchase and 180 days to complete the purchase.
The 45-day time frame used to be burdensome for sellers. Now, they can opt for a Reverse Exchange, in which an additional third party called “the exchange accommodation title holder” (EAT) acquires title until the original property sells. Reverse Exchanges shift the 45- and 180-day time frame to the selling side of the transaction. With an
Improvement Exchange, which also uses an EAT to hold the replacement property, sellers can build investment properties from the ground up or improve existing properties. The improvements have to be built and paid for during the 180-day period. The time periods are exact and not flexible.
If you are interested in a 1031 Exchange, the first step is to consult your tax advisors as well as an attorney or CPA who is knowledgeable with 1031 Exchanges. Make sure that your real estate professional knows you plan to conduct an exchange and be sure that he or she is familiar not only with the process but also with the specific documentation and time frame mandated by the IRS.
For a list of qualified companies contact a local realtor or often title companies will have an affiliate they can refer. Remember your options are open..
This article is intended to inform readers, but does not constitute any financial or legal advice.
Patrick McCarran is a local Realtor and Broker. Call/text 925-899-5536 • pmccarran@yahoo.com • CallPatrick.com Independently owned and operated. Equal Housing Opportunity. In association with Realty One Group Elite DRE#0193160.
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AFTER SCHOOL ACADEMY
Tuesdays-Thursdays, 1:30-6:30pm, Village Community Resource Center, 633 Village Drive, Brentwood or Byron Community Library Club, 3926 Main St., Byron. Literacy and homework support for K-5th Grade. Info 925-626-7892 or jose@vcrcbrentwoodca.org.
AL-ANON MEETING - BRENTWOOD
Friday, 8pm, Brentwood United Methodist Church, 809 2nd Street, Brentwood. Support Group for families and friends of Alcoholics. No need to register, info call Trisha 510 910-1389
AL-ANON MEETING - DISCOVERY BAY
Monday, 12:15pm, Delta Community Presbyterian Church, 1900 Willow Lake Rd., Discovery Bay. Support Group for families and friends of Alcoholics. No need to register, info call Charlie (925) 858-5382.
AMERICAN LEGION AUXILIARY
1st Tuesday, 5pm, Legion Hall, Basement, 757 First St., Brentwood. Info Dolly 925-890-7357.
AMERICAN LEGION POST 202 MEETING
2nd Wednesday, 6:30pm, Veterans Hall, 757 First St., Brentwood. Info AML202.org or 925-516-2141.
ANIMAL RESCUE RECON DOG ADOPTIONS
Saturdays, 10am-1pm, Pet Food Express, 5829 Lone Tree Way, Antioch. Info 925-392-7654 or animalrescuerecon.com.
BETHEL ISLAND LIONS CLUB
1st and 3rd Wednesday, 7pm, Scout Hall, 3090 Ranch Ln., Bethel Island. Info Dave 925-595-1451.
BRENTWOOD ALZHEIMER’S CAREGIVER SUPPORT GROUP
2nd Thursday, 7-8:30pm, Brentwood. Please call 800.272.3900 to register for the meeting.
BRENTWOOD LIONS CLUB
1st Wednesday, 6:30pm, BW Community Center., 35 Oak St., Brentwood. Call for more info 925-587-3783. www.lcobw.com
BYRON DELTA LIONS CLUB
1st Friday, 10am, St. Anne’s Catholic Church, 2800 Camino Diablo Rd., Byron. Info Kathy 925-980-6696.
CANCER SUPPORT COMMUNITY
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DASH ADOPTIONS
Fridays, 5-8pm at Petsmart, 5879 Lone Tree Way, Antioch. 1st & 3rd Sunday, 12-3pm, Petco, 5481 Lone Tree Way, Brentwood. Info 925-219-0151 or deltaanimalssafehaven.org.
DELTA SHADOW BOXERS PARKINSON’S SUPPORT GROUP
1st Wednesday, 2-5pm. Merrill Gardens., 2600 Balfour Rd., Brentwood. Info Sue 925-550-2756
DISCOVERY BAY CORVETTE CLUB
1st Thursday, 7:30pm. Discovery Bay Yacht Club, Bilge Room Info Bill Montgomery 925-462-3674.
DISCOVERY BAY LIONS CLUB
1st Tuesday, 6:30pm, Discovery Bay Yacht Club. Info Rita Caruso 925-640-5746, www.discoverybaylions.com.
DISCOVERY BAY PICKLEBALL CLUB FREE TRAINING
1st Saturday, 11:00am, (weather permitting) Discovery Bay Community Center 1601 Discovery Bay Blvd, Discovery Bay.
DELTA GROUP SIERRA CLUB
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DIG - DELTA INFORMAL GARDNERS
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DELTA QUILTERS GUILD
For information REGARDING meetings & events, go to deltaquilters.org
DOFBWOW (Daughter’s of Faith Becoming Women of Wisdom) 2nd & 4th Thursday, 6:45pm, via Zoom. Contact True Free Love Ministry via email truefreeloveministries@gmail.com.
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3rd Wednesday, 11:30am,Contact Sedar for more Info 925-550-4486.
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HELPING ONE WOMAN
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HALO ADOPTIONS
Saturdays & Sundays, 12-1:30pm, Antioch Pet Food Express, 5879 Lone Tree Way, Antioch (excludes the 3rd Sat).
HOSPICE OF THE EAST BAY
Informational Session and Training. Info 925-887-5678 or volunteers@hospiceeastbay.org.
HOW OVER-EATERS ANONYMOUS MEETING
Thursdays, 10-11am, Brentwood Professional Plaza, Fellowship Hall, 8385 Brentwood Blvd., Suite B, Brentwood. AA Big Book Discussion. Info Peggy 925-200-2281
MINISTRY OF CARING ( Summer Schedule 6/4-8/27)
Wednesday, 10:30-11:30am, will be changing meeting location during summer, Veterans Park, Balfour Rd., Brentwood. Widow/widower Grief Support Group. Info Mary Ann Smith 925-240-1706 or Connie Conover 925-392-8037
