I have had a couple of clients over the last few months move to the Austin area from out of state, and I continually work with people looking to retire to the Central Texas area, due to its affordability and quality of life. Some of these clients have indicated to me that they own rental property near where they were living, and, as we talk, also indicate that it would be nice to have their rental property closer to home, where they now live.
It is surprising to me that most have no idea about 1031 exchanges. Many have tax advisors and some have financial planners, however, this topic does not seem to come up. I always try to educate them, usually on the fly, and as we are property hunting, and thereafter. This is something so easy to do, without having to lose money on capital gains when you sell the rentals elsewhere. It can also be done piecemeal, to get a feel for the process, and become comfortable with it.
For all intents and purposes, you are just re-titling a property you previously owned into a new one. And, now, your rentals can be nearby once again, even though you might have shifted your personal residence to another state. Ask me for details, or visit www.1031exchange.co for more details!
It is surprising to me that most have no idea about 1031 exchanges. Many have tax advisors and some have financial planners, however, this topic does not seem to come up. I always try to educate them, usually on the fly, and as we are property hunting, and thereafter. This is something so easy to do, without having to lose money on capital gains when you sell the rentals elsewhere. It can also be done piecemeal, to get a feel for the process, and become comfortable with it.
For all intents and purposes, you are just re-titling a property you previously owned into a new one. And, now, your rentals can be nearby once again, even though you might have shifted your personal residence to another state. Ask me for details, or visit www.1031exchange.co for more details!
