Do Not Make This 1031 Exchange Mistake!
ฝัง
- เผยแพร่เมื่อ 14 ส.ค. 2022
- In this video, Clint Coons, Esq. will explain the biggest 1031 Exchange mistake you might be committing when buying a replacement property.
Don't make the same mistake as others by watching Clint Coons, Esq. and his video on how to avoid this 1031 exchange mistake.
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When it comes to the information being bounced around in the world, some of it is totally accurate and helpful while others are questionable at best.
"Let's go over an example." 1:26
If you're in the market to buy replacement property then this is a video you can not afford to miss out on less it cost you a penny too much in the long run.
We have more videos related to 1031 exchange strategies so, if you are interested in learning more about them then consider checking out our channels section.
Here's a link to one of our many videos related to the subject: • 1031 Exchange Strategi...
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#1031exchange
Awesome video. Please don’t stop making the videos!
Tanks for this free gold Mr Coons Esq!
Impressive expertise! Brilliant, thanks for sharing!
Glad you enjoyed it!
I listen to you coach!! Words are gold 🥇
I appreciate that!
Clint, you're a genius! Thanks for sharing
Glad it was helpful!
Thank you 🙏
You’re welcome 😊
Excellent channel
John Smith
Thanks for watching.
@@ClintCoons I'm a big fan. Will probably end up watching every single video on your channel. Might take me a while though lol
You are absolutely right. I'm in a process of doing 1031Exchange, every 1031Exchange intermediary tells me something different.
Hah! Now you know.
Can i exchange from other country to usa ? If so how to ??
Does this work if the existing structure holding the property is a C-Corp? Initial thought is that because its not a flow through LLC structure, it wont work. And I did set up a strategy session. Just waiting for a call back. Thanks!
Yes the C-corp can set up a disregarded LLC to own the replacement property.
Thoughts on success rates of 1031? Trying to exchange property. 1031 it or take loan out to reduce gains tax
Depends on the replacement property. I have a video coming out in a few weeks that will show you how to get a tax deduction with a 1031 exchange technique.
Clint, The seller stated on my closing statement on my relinquished property is "[My exchange company], as Qualified Intermediary for [My Name], selling through XYZ LLC , an entity disregarded." Weeks later I received my Identification Form from my exchange company stating Exchangor as "[My Name], selling through XYZ LLC, an entity disregarded." So when sending an offer on a replacement property, what name do I use as BUYER on the realtor contract?
It would depend on how your are putting the deal together - either your existing LLC or possibly a new disregarded LLC owned 100% by your existing LLC. Best to consult your QI on what they would prefer.
I am a platinum member. My husband and I are planning on doing1031 exchange this year. Are we the tax owners of the relinquished property or our WY holding LLC is the tax owner? Can we use our own name to sell and buy property? The reason is our lender won't loan money to LLC. We hope to sell/buy using our own names and deed the replacement property to LLC afterwards. Will this work with 1031 exchange?
Who is currently on title? Is it your WY LLC? If so how is your WY LLC treated for tax purposes - partnership or disregarded entity? How long has the property been titled in the LLC?
@@ClintCoons The property is in a WA LLC which is held by WY Holding LLC. WY Holding LLC tax status is partnership (50-50 between my husband & I). Our Anderson advisor told me that my husband and I are the tax owners of the property so we can use our own names to sell/buy for 1031 exchange. Our Anderson tax associate told me that WY LLC should be the seller/buyer. Our 1031 QI told me that if we wish to take the property out of LLC and put back to our own names, we need to do so two years before exchange (as holding period). I am confused by all these information. What is our option for our current situation? Thanks.
What if the owner is a land trust with LLC being the beneficiary?
You should close in the existing land trust to be safe.
Hey Clint my buddy who already has an llc and registered agent reached out to your office for solid Operating Agreement and was told to become a full on client. You told me a day ago you guys offer custom Operating Agreement as a stand-alone service. Should my buddy talk to you instead? Thanks
Hmm. Contact my assistant Deborah Lewis at dlewis@andersonadvisors.com and we can set up a consult.
May you guide me? I have a property that I completed a 1031 exchange 20 months ago. When can I change the title? It has been rented out. I want to gift the title to my son. I want to know if my son can also continue to keep the 1031 exchange tax until he wants to sell the property? Can you change the title? Thanks for your help.
So what you're saying is get a wife and have her set up a LLC and my LLC in a state with preferential tax structure?
😂😂