Ross Fong, CES® and James Callejas, CES®
San Francisco Bay Area
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1031 Resources & Information
How do I know if a 1031 Tax Deferred Exchange is right for me?
In order to determine if an exchange is needed, the investor would need to meet with their tax advisor to determine the potential tax consequence. If there are substantial gains most investors will exchange.
Are there special 1031 Exchange rules or regulations in California?
Yes, there is the California Clawback. When you sell an investment piece of real estate in California and exchange into another state you must file informational returns showing you have not sold that Replacement Property each year until you sell or pass away. If you fail to do so, the state of California will assume you sold the property and will want to be paid the taxes owed from the gains of that California property.
What are the benefits of doing a 1031 Exchange?
There are many benefits to a Tax Deferred Exchange. Most of our clients exchange to purchase a superior piece of investment property. Sometimes that would result in an increase in cash flow, a new depreciation schedule, purchasing commercial passive investment property or just changing property type and location. It depends on what the investor values most in investment property.
Where can I do a 1031 Exchange?
You are allowed to purchase Replacement Property anywhere in the United States. Can I buy out of the country? Unfortunately you are only allowed to purchase domestic property, including certain US territories.
Can I improve property I already own using 1031 Exchange funds?
Unfortunately you are only allowed to improve property that you acquire through your exchange. Building on land that you already own does not qualify.
What My 1031 Customers Are Saying
With offices near San Francisco, Oakland and the Bay Area, 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, James Callejas offers you customized solutions to defer capital gains tax and maximize equity in your 1031 like kind investment property.
Ross was excellent from start to finish for my 1031 Exchange . He made the process so easy and clearly is an expert in 1031 Exchanges. I highly recommend Ross Fong for anything related to 1031 Exchanges!!
I have referred many clients to James over the years. I can always count on him to reach out the customer promptly. He goes out of his way to make sure all customers questions/concerns are addressed. He is truly a professional. I’m proud to have him as part of my team.
I have worked with investors for many years and have worked with a lot of 1031 exchange companies in my day. None of them were as responsive and knowledgeable as Ross. He was able to convey a complex situation to my client in way that made the transaction easier for him to digest. He is a consummate professional. Thank you Ross!
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