Loving Life and Learning Real Estate at Bellingham Yacht Club

As a Realtor® some days are spent in educational seminars to learn how I can better serve my clients. Today was exceptional.  It was filled with learning about 1031 exchanges from the Archer Group, reverse mortgages by First Reverse Mortgage and a fantastic clock hour session from Natalie Danielson who woke me up after my turkey sandwich when I could have easily faded. I learned that I could not exchange my rental home for one of these beautiful yachts.. Bummer.

In case you’re wondering, a “1031 tax deferred exchange is a transaction that allows you, the exchanger , to preserve the full value of your investment property by acquiring like kind property. You may reinvest sale proceeds that would otherwise be taxable,allowing you to use the entire property value to acquire replacement investment property.” – Archer group

Basically, it allows you to trade up from one investment property to another without having to pay the taxes on the gains. You can defer the taxes by essentially re-investing them in the new property. Let me know if you’re thinking about upgrading to a larger investment property. I can work with an exchange specialist to make that happen for you!

 

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