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Savvy investors know that how they structure their deals for tax purposes can
have as big an impact on their investment return as buying low and selling high.
Section 1031 of the IRS code allows investors to sell their property and pay no
taxes on their gain as long as they reinvest in like kind property and follow
the rules set forth by the IRS, and Goddin Real Estate can help you accomplish
this goal for properties in Chapel Hill, Durham and Raleigh, North Carolina.
These rules mandate time periods for identifying and closing on the replacement
properties and stipulate that the investor must not actively receive the
proceeds from the sale of the property being sold, but rather have these funds
held by a qualified intermediary. Doing a 1031 exchange does not eliminate the
tax burden from making money off of investment real estate, but it does defer
the payment of those taxes, allowing the investor to continue to use and profit
from money that otherwise would go to Uncle Sam.
Goddin Real Estate has experience working with investors as both buyers and
sellers in 1031 exchange transactions. We can help guide you through the process
and make sure that proper procedures are followed so that the IRS does not later
look at your transaction and disallow your exchange, triggering the very tax
burden you thought you were avoiding. Proper planning is essential to make sure
the investor complies with IRS time lines and guidelines for selling investment
real estate and reinvesting the proceeds.
If you are seeking to sell investment real estate, Goddin Real Estate has
experience in evaluating properties to determine fair market value, working with
tenants so that the property can be shown to potential buyers with a minimum of
disruption, marketing the property effectively to the buyers most likely to buy
that particular property, and following the sale through to a successful close..
We will also help make sure that you maintain the proper paper trail and line up
a qualified intermediary to hold the proceeds from your transaction. When it is
time to buy, Goddin Real Estate will help you find appropriate replacement
properties in a timely manner, evaluate those properties to determine their fair
market value, assist in preparing and presenting purchase offers with the proper
language to maintain your paper trail, advise on financing if needed, and follow
through to ensure a successful close on your purchase. If either your sale or
purchase will be out of this area, we can coordinate the details with whoever is
handling the other end of the transaction to make sure all requirements are met
to save your tax money.
Whether you are buying or selling a $100,000 condominium or a $5,000,000
apartment building, Goddin Real Estate can help you do it as a 1031 exchange,
allowing you to continue to profit on money you would otherwise have to pay in
taxes. Call John Goddin at 919-968-2100, or email John@GoddinRealEstate.com
to get the process started. Please check below for links to more information on
how 1031 Exchanges work.
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Goddin Real Estate