Real estate investor Steve Lewis and his wife Belkis reside in New Jersey.Courtesy of Steve LewisA 1031 exchange allows investors to defer capital gains taxes by reinvesting in like-kind properties.Steve Lewis, a part-time real estate investor, ran into a lot of red tape when attempting to do one.Ultimately, he felt rushed during the 1031 exchange process, which involves two strict deadlines.A 1031 exchange sounds great on paper: It allows an investor to sell a property without paying capital-gains taxes on the sale if they replace it with another property of equal or greater value.You could theoretically defer capital gains taxes indefinitely if you continued exchanging for what the IRS calls "like-kind properties."In practice, however, it can be challenging to execute a 1031 exchange.That's what part-time real estate investor Steve Lewis, who bought his first property in 2000 and expanded to three rentals before selling in 2024, found when he attempted a 1031 exchange.His first step was finding a qualified intermediary (QI) that specializes in 1031 exchanges.

Topics:  said lewis.    i   jersey   steve   exchange   property   money   replacement   taxes   days   sell   sale   tax   process   defer   rushed   ran   felt   red   lot   save   bank   lawyer   lawyers   seller   top   ended   months   
BING NEWS:
  • Investor sentiment dived in September. Here’s why it’s a good sign for stock bulls.
    After the second start-of-the-month wobble in a row, stocks are back on the front foot, helped in particular by a rebound in some mega technology names and declines in bond yields ahead of the Federal ...
    09/13/2024 - 2:30 am | View Link
  • Considering a 721 Exchange? Adopt a Buyer Beware Mindset
    Having a tax-smart exit strategy for your real estate investment is a great idea, but if a 721 exchange is part of your plan, here's what you need to consider.
    09/10/2024 - 10:30 pm | View Link
  • A part-time real estate investor shares his 'failed' 1031 exchange — and what he wishes he knew before trying the tax-saving strategy
    Real estate investor Steve Lewis describes his experience attempting a 1031 exchange, a strategy that can help investors save on capital gains taxes.
    09/7/2024 - 10:12 pm | View Link
  • More

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News