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Subscribe to Matt Bontrager for the BEST real estate tax advice!
Matt’s Channel: https://www.youtube.com/channel/UC_4KPHIGAj7bJebOpUDvyvg
A 1031 Exchange, in a nutshell, is trading up in properties. You don’t pay taxes on the sale right away, but instead, your money is rolled into a new property of equal or greater value in order to defer that tax. How can you do a 1031 exchange? Why can’t it be done on every piece of real estate? Matt, my CPA, details the requirements of a 1031.
Buying real estate is a phenomenal way to off-set your income. Matt and I talk about the benefits of trading up properties through the 1031 Exchange. When you 1031 Exchange, you are essentially deferring your taxes for an extended period of time. What happens if you pass away? What happens to your taxes if you pass? Watch to see what Matt has to say!
If you have any questions about 1031 Exchanges, real estate taxes, tax write-offs, or anything related to taxes and/or real estate, make sure to leave a comment below so we know what topics are in demand of a video!