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Michael A. Milazzo, CLU, ChFC
Registered Principal
The Meridian Financial Company
3350 Club Villas Dr SE, Unit #1303
Southport, NC 28461
Phone: 631-979-4223
Fax: 910-854-0002
Email: meridian@ae.cadaretgrant.com
Website: www.merfinco.com
Mention a Section 1031 exchange, and many investors in real estate immediately think, "minimize capital gains taxes." But a 1031 exchange may provide other advantages.
Of course, there are requirements. Proceeds from the sale must be held in escrow by a third party and then used to buy the new property. You can't receive the proceeds, even temporarily. The properties being exchanged must be considered like-kind by the IRS for your capital gains taxes to be deferred. Taxes are due when the property is sold. But if used correctly, there is no limit on how frequently you can exercise 1031 exchanges. So, in theory, the exchange can be used to defer taxes for your lifetime, which leads to another advantage.
Also, consider exchanging one large real estate investment for several smaller ones. This strategy can broaden your property portfolio by type and location and help you respond to changing real property markets, as your needs may require.
A 1031 exchange could potentially build wealth. However, understanding the complex rules requires even the savviest investor to enlist professional help.
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Securities and Advisory Services offered through Cadaret, Grant & Co, Inc, a Registered Investment Advisor and Member FINRA/SIPC. The Meridian Financial Company and Cadaret, Grant & Co., Inc. are separate entities. I am registered to sell Securities in the following States: NY, NJ, PA, NC, FL, ID.
The Meridian Financial Company and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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