Asheville Homes and LAND!- The Keep In Touch Blog


1031 = Pure Possibility (2)

I like the idea of talking with serious Investors...
I am seriously attracted to getting right to the Point.
The 1031  
provides this for me and my team.

I like the idea of serious Investors also being serious Stewards of the LAND
...and especially the beloved land of my far-Grandfather here in the Appalachians.
The 1031 Like-Kind Exchange also provides this opportunity.
I like the idea of cooperating with other real estate professionals who are intrigued with 1031s.

Here is a 1031 scenario YOU might like...

Scenario :

Let's say you are an ECOconscious Investor(or your client is) interested in a "simple swap" where you trade 150 acres that you own in North Florida for 150 acres of fantastic beauty we currently have listed here in Western North Carolina. Of course, in reality, it is quite unusual for a seller and the buyer to have exactly the same properties of equal size/value, etc.. So careful attention is in order. ... examples...A tax could be 20% of the gain recognized by the sale due to appreciation of the property on the original cost (basis)...Higher tax rates could be triggered... So, to avoid sticky wickets, we always like to make sure a Qualified Intermediary is close at hand. 

Back to the Scenario: Should you/your client decide to exchange a splendid horse farm in Tryon,North Carolina and purchase another horse farm in Florida, (or vice versa) the Qualified Intermediary can facilitate the exchange and avoid the constructive receipt of the proceeds so you don't end up in a pickle with the IRS.. 

Qualified Intermediary: A Qualified Intermediary is a person (or legal entity) that under the 1031 regulations enters into a written exchange agreement to act as liaison and facilitator during the Like-Kind Exchange. This person (or entity) cannot, absolutely, positively canNOT be closely associated with you...canNOT be your trusted accountant or attorney, canNOT be your favorite sister, a family member, your employees, your Angelic REALTOR, or your investment banker. (I have interviewed numerous QIs to be sure before I refer my clients to  teamplayers of impeccable integrity.)  The QI assures you/your client that rather than selling an investment property and personally organizing the purchase of the replacement property, s/he handles the proceeds of the sal. They go into a special account to control the funds from the sale and the constructive receipt. .thus avoiding triggering capital gain tax.

Now we are cooking with steam. We have opportunity. We have the team, We have the "win-win" communication in place...and we have the glorious dance of investing. 1031=Pure Possibility!

Speaking of Horse Farms..Guess where I was today?

The Equestrian Land Conservation Resource
Horse people have much to contribute to the preservation
of sustainable rural communities and are a caring influence
in smart growth initiatives, where rapidly developing communities
must recognize the value of maintaining natural corridors
that serve the needs of a wide range of interests



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