1031 Exchanges and an Intro to Drones

Introduction

• Thank you again for suggesting topics for us to talk about on the podcast and keep them coming. Send those to farm4profitllc@gmail.com or find us all over social media.
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Main Topic

• 10-31 Exchanges
• When 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 interests
  • OK, so for farms, What all does that include?
    • Livestock buildings, grain bins, tile, timber, pipelines, wind turbines, cell towers
• You have our attention. What does this process look like?
  • QI, identification, acquisition, closing
• What 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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