Can You Turn a 1031 Exchange Property Into Your Primary Residence? | Tax Tuesday #157

Can You Turn a 1031 Exchange Property Into Your Primary Residence?
43:49

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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. of the information contained herein without seeking professional legal advice.

#TaxTuesday #1031Exchange #RealEstateTaxes

[favdup]

It's always great Hearing from you Mr. Toby. You're so knowledgeable and I can't wait for the day I can work with you when I'm ready, as God's allows. Merry Christmas, Happy Holidays. We, I really & Truly appreciated you and the gift & knowledge that God has entrusted to you, you guard it very well. 👍🏆🥂🙏🙂😃😀
May God continue to bless you.

[myleneballesteros]

This is awesome ! I’ve learned a lot from you in an hour than going to school for this ! Seriously! Thank you 🙏

[antonkaufmann]

Toby's tax advice is pure gold - thank you!

[danal]

Merry Christmas Toby! Thank you for giving your time and knowledge, so very much appreciated!

[MichaelEFerry]

Great video Toby! Happy Holidays and Merry Christmas!

[dinoconnection]

I loved the overview of questions first then going over in deeper. I am half way thorough but this videos are a must for me. I became a member in November. No rhyme intended…;)

[vincentanguoni]

I love it when he says it was bs!!! This guy knows..hes OK.. Even if he is a lawyer.!!!

[JFabric]

Where’s the time stamp for the 1031 into personal residence?

[EvgeshkaVideo]

1:00:00 Land trust does not save in refinancing. They force you to title out, and if your trustee is LLC too, good luck putting it back in. You have to do it separately after. And pay on both sides. :(

[vincentanguoni]

Weeyooweeyoo... Gotta love that! Just an old man rambling!!! I was a real estate investor that beat the IRS!!! Yes!! / but I was very active in the local and state community.. I spent thousands of volunteer hours on boards and comitties. Fund raising.. I never liked paying taxes to DC. My property taxes were probably the most I ever paid.. Second.. Self employment tax.. FICA? Around 14 percent at the time.. I traded real estate for 16 years or more.. Depending!! It started with Regan''s
Economic recovery act.. One small part allowed the sale of principle residence and purchase of next residence of greater value.. Zero tax...
Sell a house and gain 100, 000.. If the next house cost one dollar more.. Zero tax.. Great for the middle class and made for me.. A builder.
If I remember correctly there was no residence time factor. Build a house.. Sell it 4 moths later.. No tax... We actually lived in the houses... Not fun.. I stopped living in them after my first Hey what's a little sawdust!!! Listen to this guy!!! He is a little timid for me but he is a lawyer!!!

[LAKitchen]

WRITE MORE BOOKS, TOBY!! Awesome info! More on Irrevocable Trust benefits and CALIFORNIA options please :)

[catielauren]

I have multiple rentals on schedule E. How do I expense travel costs when traveling to shop for a new property? Can I add it into one of the existing rentals? Thanks❤ love your content

[vincentanguoni]

Nice.. Very nice.. It was long for YouTube..

[vincentanguoni]

Yikes that's a lot of questions!!!

[vincentanguoni]

The best way for day traders to manage tax!!!?? What tax?? Day traders are losers.. Unless you are a genius with a supercomputer!!! Listen to this guy...

[vincentanguoni]

I have some info.. I retired to a country at the tail end of a baby boom.. I made my meager money from my fellow boomers.. Greatest time in recent history for RE investment.. I have purchased two homes. They have+ increased in value... Incredibly. I don't need the money.. I have more money than years.. So I have given it all away... For the second time!!! What a life!!!

[wendykortman]

How do 3 siblings do taxes on 1 house we own together that is rented by one of the siblings

[FlourishingLove]

In Eminent Domain condemnation of our primary residence, we would like to do the replacement property on our raw land we purchased 18 years ago. Can we use the proceeds from the condemnation of our primary residence to build a replacement house on the prior owned raw land, and still get the taxes deferred? On Publication 544, it says that property purchased before the replacement period does not qualify for us to defer taxes from the proceeds. Our primary residence will probably be valued around $700, 000, once highest and best use is determined by the appraiser. Right now, current use would put us under $500, 000. As a married couple, I know that the first $500, 000 wouldn't be taxed, but we'd like to get the tax break on the rest of the money, as well. Do we have to buy another lot if we want to build and get the tax break? Thank you!

[vincentanguoni]

Forget gift tax if you are not a high roller. It's not a crime to avoid tax.. Evading is another thing entirely.. The IRS will deal.. If they actually catch up with you!! When you are gettin' ole just deed your property to a trusted family member.. If you do not have a trusted kid you are a failure!!!!

[harutanaka]

Is it possible to do 50% 121 Exclusion and 50% 1031 Exchange on single property to reduce risk from market drop?