You just gotta love technology. The ability to cover a topic like 1031 quickly and efficiently is just amazing.
But for goodness sakes. I wish that I could press a button and blast this message out to the whole world with one click…to all the investors, real estate brokers, accountants, lawyers.
I got another phone call today from a property owner who had a HUGE tax liability upon the sale of his investment real estate. He was all excited about the prospects of re-investing his proceeds into a passive real estate investment to provide some income as he got closer to retirement.
Problem was, he closed this past Monday. For goodness sakes.
His accountant told him to call us, the day after he closed.
Please, oh, please remember the golden rule of Section 1031. Once you close and have constructive receipt of the funds, it’s to late. Work out your exchange strategy BEFORE you close.