1031 exchanges can be a great tool to use as you plan for your financial future. This article is all about 1031 exchanges and financial planning. Here are a few ways 1031 exchanges can play an integral role in financial planning:
- Exchange into less management intensive property. If you currently own a management intensive property like an apartment complex, a 1031 exchange is a great way to exchange out of that property and into a different property that is less management intensive.
- Defer Your Capital Gains Tax. If you have a piece of property that you’re looking to sell, a 1031 exchange is a great way to avoid capital gains taxes on the sale of that property, while keeping your money working for you in a continued investment.
Consult with Your Financial Planner
It goes without saying that every person’s situation is different and should be treated as such. Before you make any decisions, be sure to consult with your financial planner to discuss how a 1031 exchange may fit into your financial plan.
Get Started with Your 1031 Exchange
A 1031 exchange is a great tool for deferring your capital gains taxes on the sale of real estate. But there are many potential traps for the unwary. A qualified intermediary can advise you on your exchange and make sure you don’t fall victim to any such traps during the course of your 1031 exchange. Reach out to us today to get your 1031 exchange started. Our primary office is located in the heart of downtown Minneapolis, but we work with clients across the Twin Cities, Minnesota, and the entire United States.
- 1031 Hotline: If you have questions about how a 1031 exchange might fit into your financial plan, feel free to call me at 612-643-1031.
Defer the tax. Maximize your gain.
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