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Video instructions and help with filling out and completing like kind exchange partial business use vehicle
Now we can also you know tax deferred gains is what we call 1031 tax deferred exchange this is section 1031 of the tax code allows us to sell our properties or relinquish them and buy more property of equal or greater value without having a cap without having to pay the capital gains at that time it's called a tax-deferred exchange and there's some very strict rules on this deferred exchange but it is also it's it is a really the way to leverage and get into more property because what happens who's our biggest debt in our lifetime who's going to be a biggest debt over our lifetime it's going to be Uncle Sam Uncle Sam's gonna take the most out of our out of our income out of our assets over time so if we can do anything to not pay more than our fair share of taxes then let's do it let's use the laws you know Trump glove of more Hatem he's the one that said you know I didn't pay taxes for years because he knew how to use real estate and real estate paper losses to wipe out his income in future years but for us typical homebuyers you buy a house say right now medium price is three hundred thousand it's just say you bought a $300,000 property the we're going to talk a little bit about the economy and what the what their expected these prices to do here in Austin but let's say it goes to four hundred thousand this investment property what's your game one hundred thousand so if you sold it and it was after more than a year you pay fifteen percent or thereabouts capital gains so fifteen thousand of this money would go to Uncle Sam but 1031 allows us to take this house and that's appreciated and buy more so as like-kind property which simply means investment property so this is what I just recently did I took a house in Round Rock that I paid a hundred and seventy for back in 2021 it appreciated the two on fifty to sixty sold it and did a 1031 tax deferred exchange did not pay any income tax on this i diverted into two properties in a suburb of austin and now i've got a property with has more cash flow because of property values were less these are $150,000 houses and two hundred to two hundred fifty thousand dollar house you have to buy equal or greater value and you have to follow the rules specific rules on 1031 exchanges you have to reinvest all the cash you can't put the money in the pocket or you must reinvest the capital that comes out of it you have 45 days to name the next property you can you could there's a couple different rules but the typical one that most people use is three property rules you can name three properties there's other rules.