When you own an asset for business or investment use you can claim some depreciation as that asset drops in value. When you later sell that asset the IRS wants to get back, or recapture, some of the depreciation. Our 1031 exchange expert explains how recapture depreciation tax works. Time: 01:09 Author: ExpertRealEstateTips
You can do a 1031 tax exchange for assets other than real estate. Other 1031 eligible assets include artwork, musical instruments, aircraft, medical equipment, franchises and assets leased to other companies. Learn about 1031 eligible assets in this video featuring a 1031 expert. Time: 02:59 Author: ExpertRealEstateTips
When you do a 1031 exchange you don't want to receive or touch the money involved. That's why you hire a 1031 qualified intermediary who manages a restricted account where your money's trapped. If you don't use a qualified intermediary and touch the 1031 exchange money, you lose your chance to claim a 1031 exchange on your taxes. Learn more about a 1031 exchange qualified intermediary and why they're important. Time: 02:13 Author: ExpertRealEstateTips
A 1031 tax exchange is named for part of the IRS tax code. A 1031 exchange allows you to defer paying taxes on investment property including real estate, artwork, helicopters, copyrights, patents and more. You cannot do a 1031 exchange on personal property. This video gives you basic information about a 1031 exchange. For more information, check out our other 1031 exchange videos. Time: 01:44 Author: ExpertRealEstateTips
When you're doing a 1031 tax exchange you have 45 days to identify your replacement property. The replacement property in a 1031 exchange has to be like kind property. So you have 45 days to find another domestic real estate property if the property you plan to sell is in the U.S. also. Learn whether weekends and holidays are included in the 45 day rule for 1031 exchanges. Time: 01:39 Author: ExpertRealEstateTips
