Posts by Dave Foster
Vacation Homes May Qualify For Tax Deferred 1031 Exchanges
By Daniel E. McCabe, ESQ., Vice President Exchange Resource Group, LLC A common question our clients ask is whether their vacation or second home qualifies for a 1031 tax deferred exchange. The answer is “probably.” This answer hinges on the actual use of the property by the owner. The IRS has somewhat clarified their position…
Read More1031 Exchanges: The Best Farm Tool for Today’s Real Estate Agent
The golden years of the last bullish real estate market witnessed a boom in investors taking advantage of the incredible wealth building tool of the 1031 exchange. In 2005 alone, over 500,000 1031 exchanges were performed by knowledgeable investors and, quite literally, several billion dollars in taxes were deferred and allowed to grow in those…
Read MoreThe Ultimate Beginners Guide to Real Estate Investing
“The Ultimate Beginners Guide to Real Estate Investing” is a free, 64 page ebook that provides a basic overview of real estate investing with links to more information on the Bigger Pockets website. It covers eight topics in as many chapters and is a pretty quick read – if you can keep yourself from following…
Read More1031 Reverse Exchange Overview
What is the IRS’s Position on Reverse Real Estate Exchanges? The IRS issued Revenue Procedure 2000-37 (Rev Proc) in September 2000 that gives taxpayers guidance on Reverse 1031 Exchanges. A “Safe Harbor” Reverse introduces a new entity into the reverse process-an Exchange Accommodation Titleholder (EAT). An EAT is a single member limited liability company (LLC)…
Read MoreReal Estate Seminar: The Life Cycle of a Real Estate Investor
Saturday, July 19, 2014 10:00 AM to 11:00 AM Pay IT Forward Realty 1116 Cape Coral Pkwy E, Cape Coral, FL (map) Join us for a complimentary seminar to find out: • The three levels of experience (and where you’re at!) • How to build your professional team • Options to minimize tax ramifications and why a 1031…
Read MoreA Pirate’s Life and the 1031 Exchange – What to Do about the Booty
The term “boot” is not used in the IRS regulations, however, it is commonly used to describe the cash or proceeds that an investor receives in addition to the replacement property when completing a 1031 exchange. The IRS is very clear that receipt of cash or proceeds either during or at the conclusion of an…
Read MoreBasic 1031 Rules and Requirements for Tax Deferred Exchanges
Dan McCabe, Esq., Vice President of Exchange Resource Group, and Dal Waimsley, President and Co-Founder of Lifestyles Unlimited, discuss the basic rules and requirements for tax deferred 1031 exchanges in this hour long training video. If you are new to 1031 exchanges or just need a refresher, this is an overview of the process that…
Read MoreRich Dad, Poor Dad
If you or your clients have never read “Rich Dad Poor Dad” by Rober Kiyosaki, I recommend you do so now. This book has impacted almost every investor who has read it. It provides a good call to action for many who have been lulled into a false sense of security in the status quo.…
Read MoreMeet Exchange Resource Group in Punta Gorda, Florida on June 20th
Dave Foster of ERG will be participating in the “Believe” 2014 District 13 Conference & Expo on June 20th in Punta Gorda Florida. This promises to be a great event with keynote speaker John Tuccillo and a line up of useful seminars on a variety of topics. Be sure to stop by exhibit 120 to…
Read More1031 Exchange Overview
What is a 1031 Exchange? When you sell a property you typically have to pay tax on the gain. Gain is created when the property appreciates in value during its ownership or when deductions for depreciation are taken for tax purposes. A Section 1031 tax deferred exchange, named for the Internal Revenue Code Section it…
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