Southern & Central California
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1031 Resources & Information
How does a 1031 Exchange work?
Exchange pitfalls. What should I be aware of?
Does California have any special 1031 Exchange rules or regulations?
California has a clawback provision. This means that if you are going to exchange from CA to another state, deferred taxes will become payable to California when the Replacement Property is sold and no further exchange is performed. Click here for more information
What are the benefits of doing an exchange?
1031 Exchanges have many benefits for real estate investors. The most obvious one is to allow the taxpayer to move between real estate investments without having to pay capital gains taxes. It allows taxpayers to add value, increase cash flow and in some cases reduce or eliminate management headaches.
How long do I have to do a Tax Deferred Exchange?
The exchange timelines are very simple. The taxpayer has 45 days from the close of escrow to identify the property or properties they would like to purchase. They have an additional 135 days after the 45th day to close on one of the identified properties. The total time period is 180 days or the date your tax return is due. If you close after Oct 16th you will need to file an extension on your tax return to get the full 180 days.
What if my Replacement Property is less than my sales price of my Relinquished Property?
You are able to do a Partial Exchange where the Replacement Property is less than your Relinquished Property. The difference between the net sales price of the Relinquished Property and the net purchase price of the Replacement Property would be considered boot and would be taxable.
Can I do a 1031 Exchange for my primary home, vacation home or second home?
1031 Exchanges are only for investment or business use properties. A primary residence has its own separate tax code IRC Section 121. Vacation homes that are not rented or a second home would be subject to taxes upon a sale. With proper advance planning these properties could be converted into investment property and exchanged.
What My 1031 Customers Are Saying
I’ve known Greg for over ten years and originally met him as an Executive for Marcus & Millichap where I worked with 100’s of agents on a variety of property closings. Today I work with Greg in an agent capacity where I refer Greg directly to clients rather than primarily agents. In both circumstances Greg has always added value to the person he speaks with. Greg’s character will provide trust and certainty which are extremely important to the clients I refer to him. Greg will always be on the short list of people to refer when and exchange client is in need.
Greg is a true professional across the board. From his expertise in the 1031 arena, to his outstanding customer service, Greg is a true “value add” in all investment/exchange transactions. If you are intending a IRC 1031 on your investment real estate, I recommend contacting Greg immediately.
Greg is by far an away one of the most professional business people I know in the commercial real estate industry today. He is extremely receptive to his clients needs and is spot on when dealing with complex situations. When there is an issue regarding a 1031 or even something that comes up outside his area of expertise he is there to help find a solution and fast. My clients and I are extremely satisfied working with Greg and can’t say enough about his high level professionalism. He is truly an expert in what he does and a pleasure to work with each and every time.
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Greg Burns & IPX1031 are a winning combination.
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With offices near Los Angeles, Irvine and Santa Barbara, IPX1031, the nation’s largest exchange facilitator and accommodator, provides industry leading exchange services including guidance, expertise, security and key information on 1031 Exchange rules, regulations and strategy. 1031 Exchange expert, Greg Burns offers you customized solutions to defer capital gains tax and maximize equity in your 1031 like kind investment property.
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