Jan 14, 2022
Dave Foster is an Experienced 1031 experienced broker and shares his insight into decades of how 1031 can take your real estate business to the next level.
Today, in this video we will discuss commercial real estate 1031 exchange rules. Dave Foster will explain the process of the 1031 exchange. You can tell your opinion about the rules of the 1031 exchange explained. What is 1031 Exchange? If you own commercial real estate property and are thinking about selling it and buying another property, you should know about the 1031 tax-deferred exchange. This is a procedure that allows the owner of commercial real estate property to sell it and buy like-kind property while deferring capital gains tax.
A 1031 exchange gets its name from Section 1031 of the U.S. Internal Revenue Code, which allows you to avoid paying capital gains taxes on commercial real estate when you sell an investment property and reinvest the proceeds from the sale within certain time limits in a property or properties of like kind and equal or greater value. Who is Dave Foster? Dave Foster, Founder, and CEO of The 1031 Investor.
Dave is a degreed accountant and serial real estate investor who is a qualified intermediary and consultant for tax saving strategies such as the 1031 exchange and the section 121 homestead exemption. Dave started to fix and flipping in the 90s and realized that about 40% of his profits were going directly to the IRS.
Dave tells us about the updated rules and regulations around using the1031 exchange to legally compound your tax interest that will stay with you instead of going straight to the government. Dave breaks down exactly how to use the 1031 exchange in layman’s terms. He explains to us how he moved his way from Denver, CO to Tampa, FL over 10 years using the section 121 homestead exemption, so that he and his family could move onto a boat (which was a huge dream of his).
Tune in to listen to how Dave raised 4 boys on his boat while investing in properties with the 1031 exchange.