Quick Wealth Network

How is 1031 Exchange a wealth building strategy?

I heard it recently, and wondered how it worked?

Public Comments

1. If you have a piece of real estate and you sell it and then purchase a similar like piece you can delay paying capital gains taxes.You can do this over and over and never pay taxes.Like kind real estate would be commercial to commercial or residential to residential.The sell of one like kind and the purchase must take place in 180 days and you can not take possesion of the money from the sale,the lawyers will take money directly and transfer it to the property you are buying.
2. A 1031 Exchange is a tax program that allows you to defer the capital gains on the sale of a piece of investment property, as long as you reinvest the funds into another piece of investment property. Your clock starts ticking on the day your sale closes. You have 45 days from that day to identify your replacement property(ies) in writing, and 180 days from the same day to close on the replacement property(ies). Provided you reinvest all of the proceeds from the sale, and the new property is of equal or greater value. You should defer all of the taxes. For a more in depth look at the process you can go here: http://havenexchange.com/1031basicspresentation.htm or simply contact me at the office and I'll be happy to help answer all of your questions. Hope this helps! Best Regards, Alexander Goldsmith - Account Manager Haven Exchange - Your Expert Source for 1031 Solutions Toll Free: (866) 794-1031 ext.207 FAX: (714) 960-9190 email: alex@havenexchange.com Web: www.havenexchange.com