1031 Tax Deferred Exchange
Here is the 1031 Tax Deferred Exchange explained in as simple of terms as I can get it. For the professional real estate agent consider this training a bonus. It’s great to know a little something about 1031 exchanges so that you can understand the conversation when talking with an investor.
1031 Tax Deferred Exchanges can also be called “like kind” exchanges and even “Starker” exchanges (named after the original guy who got in to it with the IRS and therefore created this tax deferment).
Word of Caution
Just because you watch this video that doesn’t make you an expert on working with real estate investors. I have a whole series of videos on my Realtepreneur YouTube channel that you can watch. But don’t be afraid to enlist the help of a more knowledgeable agent in your office, or me, to help you through your first one or two. Exchanges are not rocket science. But you need to fully understand what you are saying to make sure you are not liable for anything. And you want to make sure your advice doesn’t cause a “taxable event” for your customers or clients.
To that end, be sure to preface every conversation with “I am not a Qualified Intermediary (QI) nor am I a Certified Public Accountant.” Consider that my disclaimer. 🙂
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