Located in active 55+ community of Spring Knolls in North East Murrieta featuring clubhouse, pool, workout room, etc.
Home is approximately 1660 square feet, has 2 bedrooms, 2 bathrooms + large bonus room that could be a 3rd bedroom, office, recreation room, or additional living space. Property is in great condition and features a fully fenced large lot with wrap around deck, privacy and views. No neighboring homes behind! Peek a boo view of the golf course.
For more information about this property or any other in the Temecula Valley- call or text Gary and April Greer
at 951-522-0518 or email@example.com
Six Easy Steps to a 1031 Exchange
With nearly one-third of homes sold in the U.S. today purchased by investors and second home buyers, we should all know more about 1031 Exchanges. Section 1031 of the Internal Revenue Code allows you to roll the gain from the sale of your old property over to your new property without paying tax.
To accomplish this roll-over, there are six easy steps you must follow;
1. Both the old property you are selling and the new property you are buying must be held for investment. This requirement is defined quite broadly; therefore for example, you may sell bare land and buy an apartment building, sell an office building to buy a vacation home, or sell a warehouse to buy bare land. Your personal residence is not considered investment property. Typically, you have to hold each of these properties for a year and a day to qualify for a 1031 exchange.
2. From the day you close the sale of your old property, you have 45 days to complete a list of properties you want to buy. The list should identify the property clearly enough that an IRS agent could go directly to the property using your written description. In most situations, you want to put three properties or less on this list.
3. From the day you close the sale of your old property, you have 180 days to close on the purchase of one or more of the properties from your 45 day list. Whatever property you buy has to be on your 45 day list. Both the 45 and 180 day time frames are cast in concrete—there are no exceptions or extensions.
4. You must not touch the money during the time between the sale of your old property and the purchase of your new property. By law, you must use an independent third party, called a Qualified Intermediary, to hold your proceeds. The Qualified Intermediary also will prepare the legal documents required to link together, as a qualified exchange, the sale of the old property and the purchase of the new property.
5. You must take title to the new property in exactly the same way as you held title to the old property. If you held the old property as Fred Jones, you cannot buy the new property as Jones Investment Corporation. There are some exceptions to this rule for situations like a revocable living trust.
6. In order to defer 100% of the capital gains tax, you must meet two requirements. First, you must buy a property equal or higher in value than the one you sold. Second, you must reinvest all of the proceeds from the sale into the new property.
To complete a 1031 exchange in the greater Temecula Valley please give us a call at 951-522-0518 or firstname.lastname@example.org We’re also available to answer any questions we can!
All information deemed reliable but not guaranteed. For tax or investment advice we suggest you contact an attorney or certified tax accountant.