How to Combine 1031 Exchange & 121 Exclusion

1031 exchangeAs a real estate investor, it’s wise to understand all of the tax codes that allow you to minimize your tax liability. You can contact our team at Diversified Investment Strategies anytime to discuss what options are available to you, in order to minimize the amount of taxes you must pay on a property when you go to sell. We can help you choose the best options for your unique situation.

If you are familiar with 1031 Exchanges and 121 Exclusions, we are here today to discuss how you might use both to your advantage. 1031 exchanges deal with properties that are used for investment use only, and 121 exclusions are used for privately owned residences, so you might think that the two are exclusive of each other. However, there are a few situations where you could implement both when you go to sell.

With a 121 exclusion, you’re eligible to use if you have owned and used a property as your main home for a period of at least two years out of the five years prior to its date of sale. Therefore, if you own a residence and live in it, but then turn it into investment property, you may incorporate the 121 exclusion and 1031 exchange when you go to sell, as long as you meet all the requirements for both.

For example, a family lived in a home as their primary residence for 15 years, then moved out and began renting the property in 2017. They rented the property for two consecutive years, which qualifies the property as an investment property for a 1031 exchange.

When they sell, the family can first use a 121 exclusion to exempt them from some or all of the gain on the sale. The amount gained cannot exceed $250,000 for a single filer, or $500,000 for a married filer. Therefore, if the gain is above this amount and taxes still need to be paid on the remaining gain, this family could then use a 1031 exchange on the remainder of the net proceeds.

Of course, in order to do this, the family would have to meet all of the requirements of a 1031 exchange as well. They would need to buy a like-kind replacement property in the necessary timeline, which is equal or of greater value than the equity of the relinquished property.

Another circumstance in which an investor could benefit from combining a 121 exclusion and a 1031 exchange is if they own and rent within the same property, such as a duplex or apartment building. If they live in the property, but also rent part of the property out as an investment, this investor may be able to combine the two if all requirements and timelines are met.

You can find more information about 121 exclusions on the IRS website, and more information on 1031 exchange on our website.

As always, contact our team at DIS with any questions you may have! We are here to help!

Bryan Hakola 
Diversified Investment Strategies
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Opportunity Zones vs. 1031 Exchanges

A new type of investment option is available, called Opportunity Zones, which offer tax benefits similar to a 1031 exchange, but with different conditions. Our team at Diversified Investment Strategies is here to fill you in!

Congress established Opportunity Zones in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments, especially in low-income urban and rural areas. Here are some of the main benefits of Opportunity Zones:

1.  Investments in an Opportunity Fund may defer capital gains taxes until the sale of the investment, or until December 31, 2026.

2.  When the deferral period expires, the Opportunity Fund investment may reduce capital gains taxes by 10 percent if it was held for five or more years. If it was held for more than seven years, it is available for a 15 percent reduction of taxes.

3.  When you exit the Opportunity Fund, if it was held for 10 years or more, you are permanently exempt from paying capital gains taxes from the sale of the investment.

When you sell your investment with a 1031 exchange, you may also defer capital gains taxes. Here are some of the major differences between 1031 Exchange and Opportunity Zones:

Like-kind property – Required for 1031 exchange, not required for Opportunity Zone.

Time required to find replacement property – Replacement property must be identified within 45 days for 1031 exchanges. There is no requirement for an Opportunity Zone.

Amount invested – Principal and capital gains from the sale for 1031 exchange, capital gains or partial capital gains from any qualified investment sale for an Opportunity Zone.

Partnership interests, stocks or personal property – Not allowed with 1031 exchange, allowed with Opportunity Zone.

Deferral of capital gains – Available for 1031 exchange upon sale, unless further deferred in another like-kind exchange; Available for an Opportunity Zone December 31, 2026, or upon sale of property.

As you can see, there are many advantages of Opportunity Zone investments! The qualifications and regulations for these new types of investments are still being clarified.

There are holding period requirements with Opportunity Zones, such as at least 70 percent of the property must be used in a QOZ, tangible property must be qualified opportunity zone business property for at least 90 percent of the holding period, and the entity must be a qualified opportunity zone business for at least 90 percent of the holding period.

A business can also qualify using the 50% rule – If 50 percent of its employees’ hours or wages are in the zone, or if property and managers needed to produce 50 percent of the revenue of the business are in the zone, or at least 50 percent of the revenue is generated in the zone.

For more information and clarification on Opportunity Zones, to find out if your investment property is legible, or to find an Opportunity Zone investment, contact our team at DIS! This is a fantastic new option for investors wanting to defer or avoid capital gains taxes on their investments!

Bryan Hakola 
Diversified Investment Strategies
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How to Use a 1031 Exchange with Vacation Property

1031 exchangeIf you own vacation property that you’d like to exchange using a 1031 exchange, there are certain rules that must be followed. Absentee ownership of short-term rentals is a bit tricky, but it can work, and our team at Diversified Investment Strategies is here to help you understand how!

The tax code for a 1031 exchange states that a property must be held for productive use in a trade or business or for investment. Therefore, you must prove that your vacation property has been used in this way, and that your time spent at the property for personal use was kept to a minimum.

If your intent is to use your vacation property primarily for personal use, it will not qualify for a 1031 exchange. You have to have the intent to use it as a business, and then be able to prove that you have done so. In 2008, the IRS added the safe harbor rules to the tax code, which claim that the IRS “will not challenge whether a dwelling unit qualifies as property held for productive use in a trade or business or for investment” so long as the provision has been adhered to.

To ensure that you’ve adhered to the provision, you must own the unit for at least 24 months immediately before the 1031 exchange. Within each of those 12-month periods, you must rent the property to another person for 14 days or more, and your personal use of the property cannot exceed 14 days, or 10 percent of the number of days during the 12 months that the property was rented.

Now, there are exceptions to these rules, but this is where things get more complex. For example, if you allow family or friends to stay at the property without charging them, the property may still qualify for a 1031 exchange, but it may not. Many other factors play a part in determining its eligibility. Similar examples include if you stay at the property for more than 10 percent of the time you rented the property out, but are conducting repairs or renovations on it during that time, or if you don’t rent the property out, but rather hold it for the sake of appreciation.

If you’ve got a vacation property that you’d like to exchange using a 1031 exchange, give our team at DIS a call! We’ve got a group of professionals who can help answer your questions and determine your 1031 exchange eligibility. If you haven’t yet bought a vacation property, but would like to buy it while adhering to the provisions that will one day allow it to be exchanged, we can help you with that as well.

We’re here to answer any of your questions about 1031 exchanges and real estate investing. Give us a call anytime, we’d love to help you out!

Bryan Hakola 
Diversified Investment Strategies
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Tax Forms for 1031 Exchanges

1031 exchange tax formsIf you still need to file your taxes for the 2018 year, allow our team at Diversified Investment Strategies to fill you in on the required IRS forms for 1031 exchanges. Contact our team with questions or for help!

Your 1031 exchange must be filed in the year that it began. Therefore, if you began a 1031 exchange in 2018, you would report it on your 2018 taxes, even if it is not yet completed. However, if this is the case, the smartest option would be to file an extension of time to file your income tax return, so that your 1031 exchange transaction may be completed before filing.

Here’s a rundown of the most important forms to fill out when a 1031 exchange is involved:

IRS Form 8824 – This form has up to four parts. Part I asks for specifics on the like-kind exchange, such as descriptions of the property given up and the property received, and dates of when the first property was given up and when the new property was identified and acquired.

Part II asks for related party exchange information. Part III asks for the realized gain or loss, and recognized gain. This may include your gain on the sale, the adjusted cost basis, the fair market value of your relinquished and like-kind replacement properties and more. Part IV is used for a deferral of gain from section 1043 sales.

IRS Form 4797 – Or Schedule D – This form is for reporting any taxable gain. The gain must be allocated between capital gain, ordinary income depreciation recapture, Section 1231 gain and unrecaptured Section 1250 gain.

IRS Form 6252 – You may be able to report all or a portion of taxable gain under the installment sale basis pursuant to Section 453 if you accepted a seller carry back note as part of the consideration from the buyer of your relinquished property by completing IRS Form 6252. There are many exceptions, so this is something a tax advisor can assist you with.

If you exchanged between Oct. 17 and Dec. 31 and desire 180 days to complete your exchange, you must file an extension by April 15 using IRS Form 4868.

Give our team at DIS a call for help with your questions, taxes and all of your 1031 exchange needs!

If you filed your taxes for 2018 and wish you had taken advantage of a 1031 exchange, we can help make that happen in 2019. We specialize in helping our clients with DSTs, NNNs, UP-REITs and more, in commercial and residential markets. Don’t hesitate to give us a call!

Bryan Hakola 
Diversified Investment Strategies
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How to Combine a 1031 Exchange with a 121 Exclusion

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1031 Exchanges & 121 Exclusions

Combining a 1031 exchange with a 121 exclusion is a powerful tax plan, but it’s important to note the many rules and regulations, which are always changing and growing. Our team at Diversified Investment Strategies can help you determine if this plan of action is right for you.

We often hear prospects state that they want to move into their investment property for two years and then sell it tax-free after making it their primary residence. If only it were that easy! Let us help you understand the implications behind this combined tax strategy.

With a 121 exclusion, you may sell property, which you’ve used for at least 24 months out of the last 60 months as your primary residence, and exclude up to $250,000 in capital gains if you are single, or up to $500,000 if you are married and filing a joint income tax return. As stated, there are limits on how much taxable income you can exclude.

The 121 exclusion only works for property that has been used as your primary residence. This does not include second homes, vacation homes or any type of property used as an investment or in your business, unless you combine it with a 1031 exchange. When combining the two, you may only exclude capital gains from taxable income, not depreciation.

Here are scenarios where it does work to combine a 1031 exchange with a 121 exclusion:

1.  If you purchase property out right that was used as investment property, and you convert it into your primary residence, you can take advantage of a 121 exclusion. You must live in it for at least 24 months as your primary residence. You will only qualify for a partial tax-free exclusion, because the property was once used as investment property. However, this is not true if the property was used as rental property before Jan. 1, 2009. The longer you remain in the property as your primary residence, the more you can exclude from your taxable income.

2.  If you purchase a property as your like-kind replacement property in a 1031 exchange, you must hold the property as an investment for 12 to 18 months or more before converting it into your primary residence. To qualify for a 121 exclusion, you must own the property for a minimum of five years, and you must live in it as your primary residence for a minimum of 24 months. This will also only qualify for a partial tax-free exclusion.

3.  If you live in your primary residence and then convert it into investment property, you may qualify for a 121 exclusion and a 1031 exchange. The longer you hold the property as an investment property, the better, but at least 12 months is recommended. When you sell, you would exclude taxable income for a 121 exclusion, and then complete a 1031 exchange.

This can be a great tax strategy for homeowners with highly appreciated primary residences, but as you can see, there are many rules and stipulations to be followed. That’s what our team at DIS is here for! We can answer all of your questions and help guide you through which strategy makes the most sense for you, and which strategies you may qualify for. Give us a call, let’s discuss!

Bryan Hakola 
Diversified Investment Strategies
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Prepare For a 1031 Exchange In 2019!

 

Are you a real estate investor who is ready to give up the three T’s – toilets, trash and tenants? Are you ready for traveling and T time? Our team at Diversified Investment Strategies is here to help! You can give up your landlord duties, and make 2019 the year you dream of, by considering a 1031 exchange.

Through a 1031 exchange, you can trade in your landlord duties for more hands-off investment options, such as a DST, NNN or REIT, and avoid paying federal taxes. Each of these options has its own benefits, but they all allow you to have more time to do what you want with your year ahead.

A DST, for example, has no property management involved. You still receive cash flow without the day-to-day headaches. There is also the potential for greater capital investment appreciation, higher ‘tax sheltered’ cash flow, diversification, short holding periods, tax benefits and more.

By trading your investment in for a hands-off option through a 1031 exchange, you can avoid paying some or all federal taxes on your investment properties. If you think this is something you may be interested in, here are some steps you can take immediately:

1.  Start preparing for a 1031 exchange. The sooner you begin to prepare for an exchange, the sooner it can happen for you. Contact our team at DIS for assistance in guiding you through the first steps, or answering any questions you may have.

2.  Gather information/paperwork. We can help explain what information and paperwork you will need to give your qualified intermediary for a 1031 exchange. Some of this may take time to find and organize, so again, the sooner the better!

3.  Discuss with your CPA or accountant. A 1031 exchange may have significant benefits for your taxes, so let them know in advance and get on the same page before tax season.

4.  Start weighing your options. Each 1031 exchange option has its advantages and disadvantages. Determine how long you’d like to hold onto an investment property, if you’d like to diversify, how much you have to invest and so on. We can help!

Whether you’re looking for a licensed real estate broker, an accredited tax advisor or CPA, a registered financial consultant, or an attorney for legal representation, we’ve got it all here at DIS! Here are some of the services we offer:

-Free CMA – Comparable Market Analysis – to determine the value of your property

-Help determining cap rate and IRR

-Help marketing your current investment property to help it sell quickly and for best prices

-Help analyzing and acquiring the best investment property or properties for your portfolio

-Advice on tax deferral and retirement income strategies

-Assistance with 1031 exchanges with a DST, UPREIT, NNN and others

When you’re ready to begin, we’re ready to help at DIS! Contact our team, let’s make 2019 the year you achieve the real estate investment goals you’ve been dreaming of!

Bryan Hakola 
Diversified Investment Strategies
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Real Estate Investment Terms, Defined

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Real Estate Investor Definitions

Once you become a real estate investor, you belong to a world with its own terminology. It can feel overwhelming and confusing at times! Our team at Diversified Investment Strategies is here to help you through 1031 exchanges, and we’re here to make your life as a real estate investor as smooth and simple as possible. Therefore, we’ve picked out a few terms that we’ll define for you, to make your life easier.

IRR – Internal rate of return, IRR, is a metric used in capital budgeting to estimate the profitability of potential investments. It’s a discount rate that makes the net present value, NPV, of cash flow on a particular project equal to zero. NPV is the difference between the present value of cash inflows and the present value of cash outflows over a period of time. This is used to analyze the profitability of an investment. Generally, the higher an investment’s IRR is, the more desirable it is. IRR can help you determine the rate of growth an investment will generate. If the IRR is higher than the RRR, required rate of return, it’s more likely to be a profitable one.

Cap Rate – Capitalization rate, or cap rate, is a concept used in the commercial real estate industry to help estimate the investor’s potential return on investment. It’s the rate of return on a property based on the income the property is expected to generate. To discover the cap rate of a property, you can divide the property’s net operating income, NOI, by the current market value or acquisition cost. You can learn more about cap rates, and interest rates, in this past blog post of ours.

Preferred Return – When you work with a private equity firm, preferred return refers to the threshold return that the limited partners of a private equity fund must receive, prior to the PE firm receiving its carried interest, or “carry.” Typically, PE firms get paid using a 20 and 20 fee structure, with 20 being the percentage of the return in excess that the PE firm gets to keep. The preferred return has traditionally been set to 8-10%, but this is changing with an increase in private equity firms.

Cash-on-Cash Return – This is a rate of return used in real estate transactions to calculate the before-tax cash income earned on the cash invested in a property. These are helpful with investment properties that involve long-term debt borrowing. This causes the actual return on investment to differ from the standard return on investment. Cash-on-cash return only measures the return on the actual cash invested. This can help you analyze the investment’s performance more accurately.

These definitions will get you started! Keep up with our blog for more defined real estate investment terms in the future. We also update you on tips and news about 1031 exchanges, DSTs, REITs and more. If you have any questions, or would like assistance with a 1031 exchange, contact our team at DIS! We are here and ready to help you with all of your investment needs.

Bryan Hakola 
Diversified Investment Strategies
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Why the DST Sponsor and Track Record is Important

DST

What to know about DST sponsors

When you invest in a Delaware Statutory Trust (DST), it’s important to understand what you are buying, the real estate, sponsor, or both. Knowing and understanding your DST sponsor’s track record will help you choose the best 1031 exchange investment property for your needs and budget. Our team at Diversified Investment Strategies is here to help!

With DSTs, properties are identified and purchased by a sponsor, then offered to investors through investment representatives and advisors. Each investment has a built-in margin for the sponsor. As the investor, a percentage of your investment is immediately used to pay the sponsor, once the deal is done. This helps cover the cost of not just the sponsor’s time finding, selecting and purchasing the property, but also the hands-off management, potentially higher cash flow, potential additional depreciation and appreciation, and other potential benefits provided by investing in a DST. The key is understanding how long it will take you to recapture this cost, based on the projected rate of return.

The use of 1031 exchanges among real estate investors has led to an increase in sponsors entering the market to meet the demand. It’s more important than ever to understand exactly what you’re getting with a DST investment, and with the property’s sponsor.

Here are some questions to consider:

1.  Does the sponsor have a proven track record of success? Many sponsors are just jumping into the 1031 exchange market. Make sure you find sponsors that already have experience with DSTs.

2.  Does the sponsor have knowledge and experience in the asset class and market which the real estate is located? The price of a DST will have much to do with location, history, age of the property, tenants and more. Sponsors need to have deep knowledge in all of these areas.

3.  How much did the sponsor pay for the property, and is this in par with other properties in the market? Sponsors may overpay for a property because they are obligated to make new products available for investors.

4.  Pay attention to the sponsor’s fees. Are disposition fees and expenses capped? How do the prices compare to other sponsors? They may be making up for overpaying for a property with their fees.

5.  How well does the master lease align the interests of you, the investor, and the sponsor? The closer they’re aligned, the better. Are there any conflicts of interest?

6.  Are there any unexplained markups on a property that a sponsor just recently purchased? Unless a sponsor has put significant value into the property, an appraisal may not justify the markup.

These are just some of the questions to consider when choosing a DST property, and when paying attention to the sponsor of that property. Our team at DIS can help you determine the best DST investment options for you, based on your needs and the current market! Give us a call and we’ll be happy to guide you through the 1031 exchange process when investing in a DST or in any other 1031 exchange options.

Bryan Hakola 
Diversified Investment Strategies
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Why Are Cap Rates and Interest Rates Important?

As a real estate investor, there is a lot to take into consideration when choosing an investment property. You want to get the most out of your investment, and therefore, both cap rates and interest rates are important to consider. Our team at Diversified Investment Strategies is here to fill you in on how these both affect you as a real estate investor, and to answer any questions you may have!

First, let’s look at cap rates. The capitalization rate is the rate of return on a real estate investment based on the income that the property is expected to generate. To determine the cap rate of a property, you divide the net income by the value. The net income is how much rent or revenue you receive from the property minus the operating expenses of the property, such as maintenance, repairs and taxes. The value of the property is determined by what it’s currently worth based on market conditions, or the price it’s selling for.

Investors typically seek properties with a high cap rate, because that means the income levels coming in are higher. However, higher cap rates may also mean higher risk for the investor. Plus, if a cap rate is low, there are still ways it could be increased, such as raising the rent.

When trying to decipher the cap rate for a property, take into consideration the location, asset type, and interest rates. It’s important to understand the relationship between cap rates and interest rates. Cap rates could shift unexpectedly for a property due to the change in interest rates.

Interest rates can vary from one commercial real estate property to another. Several variables affect an interest rate for commercial properties, such as location, lease terms and more. Both the financials of the tenant and the net worth of the investor play a role as well. Nothing is set in stone until an investor signs a commitment letter for a loan and a rate is locked in.

Cap rates and interest rates affect each other in that as interest rates rise, cap rates rise to compensate for the additional risk, because rising cap rates decrease a property’s value. Likewise, if interest rates decrease, cap rates decrease because the property’s value increases.

Our team at DIS can help inform you on the latest news in interest rates and the best rate options. We can also help you determine the cap rate of investment properties that you’re looking to purchase through a 1031 exchange. Cap rates and interest rates are just part of the puzzle when purchasing investment property, but they are important parts for an investor to understand and look into. Give us a call and let’s get started!

Bryan Hakola 
Diversified Investment Strategies
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Q&A on Delaware Statutory Trusts (DSTs)

Delaware Statutory Trust

Common Q&A about DSTs

If you’re considering trading in your landlord duties for hands-off investments, our team at Diversified Investment Strategies would like to fill you in one of your options, a Delaware Statutory Trust, or DST. We hear common questions about DSTs and the 1031 exchange process, so here we’ve answered a few of these most common questions.

How does a DST work?

When you use a 1031 exchange to invest in a Delaware Statutory Trust, the DST owns the property or properties, and you own an interest of the DST, along with other investors. The size of the DST you own is in direct proportion to the amount you invest into it. For tax purposes, each owner of a DST receives depreciation expense deductions in proportion to the interest they own in the DST.

What are the benefits of a DST?

By investing in a DST, you will no longer have any hands-on landlord duties on a property. A DST is completely hands-off, allowing you more time to enjoy what you’d like in life. It also allows for diversification, as you can invest in numerous properties. It also allows for more revenue, as you can invest in properties that you would likely not be able to afford on your own. Purchasing a DST through a 1031 exchange may be a simpler and quicker process than a sole ownership purchase. Owners of a DST are shielded from liabilities, so the maximum pre-tax loss is equal to the amount you invested in the DST. A mortgage borrower does not require individual guarantees with a DST. There are many others! Read more about the benefits of a DST on our website.

What is the benefit of a 1031 exchange?

By exchanging your investment property in for a DST through a 1031 exchange, you can defer paying capital gains and depreciation recapture taxes. The owners of a DST may also complete a 1031 exchange when the property is sold.

What are the downsides to a DST?

As an investor in a DST, you must be completely passive in the ongoing operations of the property and any investment decisions. There is no secondary market for DST beneficiary interests, and substantial restrictions may apply to the transfer of DST beneficial interests. Contact our team for more information about DSTs.

Are there minimums or maximums to invest into a DST?

These vary for each offering, but typically, the minimum is $100,000 for 1031 exchange investors and $25,000 for non-1031 investors. Maximums depend on the size of the investment.

If you have questions about DSTs or 1031 exchanges that weren’t answered here, give our team at DIS a call! We can help answer your questions and guide you through the 1031 exchange process. Give yourself the fourth quarter you deserve. Give up toilets, trash and questionable tenants and trade them in for more time to travel, play golf and relax! You’ve earned it. Give us a call to discuss your investment trade-in options!

Bryan Hakola 
Diversified Investment Strategies
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