Village News - Also serving the communities of De Luz, Rainbow, Camp Pendleton, Pala and Pauma

By Ken Folis
Special to the Village News 

Pay taxes later


Last updated 1/26/2018 at 3:14pm

Now I have your attention! What I am going to talk about today is an IRC 1031 Tax Deferred Exchange. Used by most experienced real estate investors at some point in their investment cycle, it is a way to pay later (defer) taxes on real estate gains.

There are some guidelines to follow in order to take advantage of this process in your transaction. Basically, you need to buy for equal to or greater cost, use all the cash proceeds you receive from the property you sold, and finance at least the amount you had as a loan on the old property. The other main factor is to make sure it is a "Like K...

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