1031 Exchanges and an Intro to Drones

Introduction

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What’s Working in AG

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Main Topic

10-31 ExchangesWhen people own property.  What 4 options do they have with that property?What are the benefits of Section 1031?Can anyone use a 1031 exchange?By using 1031 exchange, how could this affect my tax position?We learned in our conversation with the SPA that the Capital Gains tax rate is largely unchanged.  This creates a substantial tax saving opportunity.Example?1031 exchanges can be used for real property only, what does that mean?Can you exchange a farm for an apartment building or a lake house?Rental property, Farms, Office, Retail space, warehouse, mini storage, vacant land, golf course, vacation home, partial interestsOK, so for farms, What all does that include?Livestock buildings, grain bins, tile, timber, pipelines, wind turbines, cell towersYou have our attention.  What does this process look like?QI, identification, acquisition, closingWhat are some examples of how you have seen 1031 exchanges work?What are some common mistakes you have seen to where this won’t work?Or what are pitfalls to avoid?Is there such a thing as a reverse 1031 exchange?How does section 1031 get sticky with related parties?What is a common trait or characteristic that you have seen among the most successful people you know?Anything else you’d like our listeners to know?Contact info

Summary

Challenge

Closing 

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