total jobs On FinancialServicesCrossing

103,347

new jobs this week On EmploymentCrossing

93

total jobs on EmploymentCrossing network available to our members

1,473,056

job type count

On FinancialServicesCrossing

Wave "Goodbye" To Uncle Sam's Taxes

0 Views
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.
Summary: There exists an incredibly powerful wealth-building strategy that has been around since 1921, and is still used by the country's most savvy real estate investors. Remarkably, the IRS made this tax deferral possible. Put simply, you can defer (possibly forever, if you meet a certain condition which I'll share in a moment) capital gains taxes on the profits from the sale of a foreign property if you use the proceeds of the sale to buy another foreign property.

There exists an incredibly powerful wealth-building strategy that has been around since 1921, and is still used by the country's most savvy real estate investors. Remarkably, the IRS made this tax deferral possible. Put simply, you can defer (possibly forever, if you meet a certain condition which I'll share in a moment) capital gains taxes on the profits from the sale of a foreign property if you use the proceeds of the sale to buy another foreign property. I've helped people perform these types of exchanges (Section 1031 or "like kind" exchanges) for the past six years. I can help you, too, but first, a couple of caveats: 1. You can't exchange U.S. real estate into foreign real estate. This is a source of some confusion, probably dating back to a time before "like kind" property was clearly defined and codified by the IRS. Although there have been cases where a 1031 exchange of U.S. real estate for foreign property has been performed when the replacement property was in Puerto Rico or the U.S. Virgin Islands, the cold hard fact is that today you cannot 1031 exchange U.S. property for foreign real estate in most parts of the world. 2. Unless you perform a 1031 exchange, Uncle Sam will be sitting silently at the closing table with you waiting for his 15% share of the profits, whether the real estate being sold is in Paris, San Miguel de Allende, or Buenos Aires. Please note that you must 1031 exchange the entire proceeds of the sale (less selling expenses), not just the profit or there will be "cash boot," and taxes due. Further, if you have a mortgage on the property being exchanged you are required to have a mortgage (for an equal or greater amount) on the new property to avoid "mortgage boot". The Good News If you 1031 exchange foreign property it doesn't have to be in the same country to meet the "like kind" requirement. For example, you could 1031 exchange the proceeds of a sale from a Paris condo into beachfront property on Roatan. Plus, you can 1031 exchange a single foreign property for multiple foreign properties
If this article has helped you in some way, will you say thanks by sharing it through a share, like, a link, or an email to someone you think would appreciate the reference.



EmploymentCrossing is great because it brings all of the jobs to one site. You don't have to go all over the place to find jobs.
Kim Bennett - Iowa,
  • All we do is research jobs.
  • Our team of researchers, programmers, and analysts find you jobs from over 1,000 career pages and other sources
  • Our members get more interviews and jobs than people who use "public job boards"
Shoot for the moon. Even if you miss it, you will land among the stars.
FinancialServicesCrossing - #1 Job Aggregation and Private Job-Opening Research Service — The Most Quality Jobs Anywhere
FinancialServicesCrossing is the first job consolidation service in the employment industry to seek to include every job that exists in the world.
Copyright © 2024 FinancialServicesCrossing - All rights reserved. 169