1031 Webminar

Got this ad in my mailbox:

Register link: https://register.gotowebinar.com/register/3469299317567682562

Company is local in SF.

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Dang, not during working hours!!! Hopefully they are recording the session…

They usually record. But you still need to register, aka hand over your phone number so they can sell you.

Hey, Christmas comes early! They actually have a previous recording of that session here:

And… they even have a basics video in Cantonese! Now you can believe they are reaaaaally local.

Ok, before I saw your post I asked them and they responded with this…

Please see www.ax1031.com/video/

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No way Jose!

Marcus won’t attend. He is against people “avoiding paying taxes” :stuck_out_tongue_winking_eye:

By the way, if you know somebody who is in need of selling a high end property, or cashing out tons of stocks, let me know. I can find a company that helps them to defer the payment of capital gains=taxes for 30 years. They get 93.5% of the total sale upfront. They got to pay 6.5% fees, one time. Somebody has to make a buck. :sunglasses:

That is not even close to what I said. So you should quit grossly misrepresenting things you don’t understand.

Didn’t you attack me for helping people to “avoid paying taxes” stating I criticized them but here I was, helping them? I replied in the last comment about 1031 exchange, which is tax avoidance, right?

I also said that it is not the fact of avoiding the payment of taxes, but the absurdity of mocking others for not paying taxes when you are the king of doing it.

That’s all.

Yes, you love to run around attacking the rich for avoiding taxes. You think they should pay higher tax rates and lose their loopholes. Yet, you sell products that take advantage of tax loopholes. That’s hypocritical.

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Thanks for posting the links! The videos were pretty helpful in explaining some basics, like how the taxes just wind up snowballing over the series of exchanges into more highly valued properties and cannot be avoided without the 3Ds (defer, defer, die). So the step-up basis only applies when the property is inherited by others, which I understand is very common in the bay area. Also mentioned was someone using owner move-in to plan their retirement over 3 progressively expensive locations.

I wonder if I might ask the experts here if anyone has experience with the exchange?

I still have a question about identifying the exchange properties (3 or 200% of cash value) within 45 days: how can you know if you will ultimately buy those exact properties if there are multiple bids?

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Well, that is the rub, you don’t know for sure unless you essentially overbid almost to “guarantee” winning. I would think if you went with the listing agent as yours (double dip) I would think you would have a good chance of winning since the listing agent knows where you need to be to win. You can also do a reverse exchange. Did they cover that?

@sfdragonboy I believe they did bring up the reverse exchange but I did not watch the “advanced” vid so I don’t know exactly how the funding would work in such case. Also tenants might be an issue if they weren’t ready to move out or unknown vacancy term…

Not sure what you mean here. Since I am exchanging a rental property I need to rent the exchange property out anyway so if there is a tenant there already, fine with me (as long as not protected or too low rent). Maybe the presence of a tenant might result in fewer bidders which would be a plus. The reverse exchange, I like, because you essentially buy the desired property first and then you sell your property. Costs more and I guess you need to be able to buy without relying on the proceeds from the property that you are selling though. I figure just overbid (some) since if your situation is like mine, the capital gain tax is just too large to stomach.

I meant the tenants at the property (A) I have now. If I bought another property first, I’d then have to kick them out to sell (A). I guess I prefer the regular exchange for being more straightforward- might not mind overbidding to get it, but it is still not guaranteed so my worry is what happens if it falls through.

I still have the next year to learn and watch what is on the market.

Ok, so you “convinced” me to stay up last night or this morning to watch all of the videos. Yeah, pretty good stuff and frankly I would go use this firm as they provide free audit support. They seem to know what they are doing. Yeah, so the rub on reverse exchange is that one will be hard pressed to find a lender who would be willing to allow the new property to be essentially held by the intermediary in the meantime while you then sell the first place. The guy mentions that he knows of a lender who would allow it, so may have to call him to pick his brain. Unfortunately, I do not have enough to do a full cash buy first so may need to go to a hard money lender. I will have to look up with the pros here say about hard money lenders. Obviously, short term only so not too concerned about the rates/costs of going through them.

I share your concern about not being able to find something within the window but I really believe if you are able to cover all the bases it should work out. Again, all it is is money right?:slight_smile:

Ha ha ha haaaaaaaaaaaa…Thank you idol or God that I am bad at English.

I’ve said it many times, we all get “handouts”, whether you are a home owner, a landlord, a republican or a democrat. To be clear, I despise people anywhere talking-insulting “the government” but to become or stay as a real state developer, or a business man, need the same evil government handouts on the form of tax breaks, depreciation, 1031, etc. for survival but call other people under stress " munchers or whatever". Why don’t they leave from where that evil government is treating them that bad?

I also believe that taxes are something that should be left alone as they are since their continuos decreasing on the amount the top, or rich corporations pay, have shown no impact on jobs being created at all. It’s been what? Since the last Bush that this stupid idea has been paraded down the street and only idiots, whom don’t benefit of such decreases believe. Google, Facebook, Apple don’t need that stinky help at all. If the prior decreases didn’t work, why is this one any better? Corporations are sitting on tons of money, well, use it!

And for the 20,000th time, seeing that you are so dumb to understand my point, I will repeat it once more: I am against drug addicts that accuse others of being so. Against those who have said on record attacking others"you should pay taxes" when they don’t do so. And I am also against hypocrites who say “I am an unbiased person” but criticize only one side of the political spectrum but only one, and no matter the guilt on the other side, the defensive attitude and the deflecting continues.

Now, on the “sell products that take advantage of tax loopholes”, if you are referring to life insurance, ain’t it. I thought you were smart, but I see you aren’t. The money used for insurance purposes has paid taxes already and it’s stated that you can contribute more than the premium for the cost of insurance. Title 26, section 7702 of the tax code says it right there. You deviate from the rules, yes, rules, r…u…l…e…s ! Not a tax loophole mr. unbiased republican.

Again, since you and Twhitler share the same lack of attention span, let me be clear again, tax loopholes are there to be taken advantage of. Landlords and whoever are taking advantage of them. The 1031 exchange is one of them. If you despise or attack-insult others for taking advantage of other means to avoid paying taxes for awhile, then you are a hypocrite.

Speaking of not paying taxes, do you pay taxes like we do in California Marcus? You know what they say about taxation without representation.

Tell me Marcus, when you buy a “good deal” home, do you question if that owner is a democrat? I bet you would kiss their behind no matter what. See? We are all equal, except the flavor is in the saying.

You can combine a bunch of properties, sell them, keep 93.5% of the total money from that sale, and defer the payment of taxes for 30 years. The money that you should have paid at that moment in taxes can be invested again and again. Rinse and recycle again.

@buyinghouse I’m not going to hijack a 1031 exchange thread other than to say you have no idea what you’re talking about.