Re: OT: 1031 Exchanges? Anyone had experience? - Saab General Bulletin Board - Saabnet.com
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Re: OT: 1031 Exchanges? Anyone had experience?
Posted by mike NY [Email] (more from mike NY) on Wed, 15 Mar 2006 09:32:35
In Reply to: OT: 1031 Exchanges? Anyone had experience?, Dave in Houston, Tue, 14 Mar 2006 15:31:36
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With a 1031 exchange, you can also sell the farm (let's assume $10,000,000) and buy an office building for $10,000,000 all cash. After a certain ammount of time you can take out a loan on the property for $8,000,000. You now have access to the majority of the value with no tax burden. This is one of the main benefits of a 1031.
Several caveats. You obviously will need to repay the outstanding principal balance of the loan in 10-years or so.
Someone will have to manage the building, or pay a very reputable company to do so.
The TIC is generally easier because someone else finds the property, negotiates the purchase, negotiates the mortgage, and manages the building.
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