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Look for a 1031 Accommodator. These are crazy times for real estate. There is a lack of inventory throughout the U.S. It is difficult to complete a 1031 exchange if that is what you want to do. You will do well to find a 1031 Accommodator that has it in their contract that you can RESCUE A FAILING (not failed) EXCHANGE with one of the IRC 453 options. That way, if you cannot accomplish your goal of doing an exchange, you can still defer your capital gains taxes for up to a few decades.
Look at your personality. Everyone is different. Some people will want to pay the tax and have no restrictions. Others want to leverage, leverage, leverage. Those that leverage will often think that those who pay the tax are foolish. In the end, it’s not a maturity issue as much as it is a personality issue. It really matters that each person can sleep at night knowing they made the best decision they could based on their own nature.
There are a lot of capital gains tax strategies to choose from, more than any single capital gains tax strategist will know about. It is best to consult your tax professional about the amount of taxes they believe you will pay upon the sale of a particular asset. Then meet with a capital gains tax strategist who is familiar with at least five to ten strategies. It’s best to have options!
SCOTT VARNEY Capital Gains Tax Strategist Financial Tax Strategies
Scott Varney is a capital gains tax strategist as well as a financial services professional. He helps clients think through options to defer, reduce, or eliminate capital gains taxes upon the selling of a highly appreciated asset, in this case, apartment buildings. He has a background in real estate as a top 1% producer nationally in the realm of residential real estate. He enjoys being with people and loves
the opportunity to help solve challenging issues. Questions? Email scott@deferthegainstax.com
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