About this episode

Eliot Thomas and Amanda Wynalda discuss the use of a 1031 exchange for purchasing land for a subdivision and the associated tax implications.

Join Eliot Thomas, Esq. and Amanda Wynalda, Esq. for this Tax Tuesday replay as they discuss whether you can use a 1031 exchange to buy land for a subdivision, key IRS rules to know, and common mistakes investors should avoid. Sign up for a Free Tax & Asset Protection Workshop https://aba.link/775860 Schedule Your FREE Consultation https://aba.link/j3iq Show Notes: 0:00 Intro 8:57 If I sell a rental property, how can I do so, without having to pay capital gains and recapture all the depreciation, or at least minimize the effect of that cash impact? After those tax expenses we will not have much cash left from the sale, if any. Since we only have 1 rental there isn't anything to roll the money into or offset the gains. 18:59 Can I use money from a 1031 exchange to buy land from a lot from another property I subdivide? 21:22 Should I report my capital gains under my name or set up an LLC? 26:10 We are considering purchasing an Airbnb and/or a college rental. We just established an LLC and Trust with Anderson. What are the tax considerations/implications for this? 34:17 When is real estate professional status not beneficial? 40:42 I have an S corporation and am trying to…

People in this episode

Host: Eliot Thomas

Guest: Amanda Wynalda

Topics covered

• 1031 exchange
• real estate investment
• tax strategies
• subdivision
• capital gains
• IRS rules

Keywords

• 1031 exchange
• land purchase
• subdivision
• capital gains
• tax implications
• real estate
• investment strategies

Mentioned in this episode

Organizations: Anderson Business Advisors, IRS, Anderson

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