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Here's how to defer depreciation recapture tax with a 1031 exchange (the complete guide). • 🏠 Find out more about 1031 Exchanges: https://1031ExchangeLady.com • ▶️ Watch my latest video: • • Videos • 🙋♀️ Please say hi in the comments so I know you were here! - Maxine • Read more: How To Defer Depreciation Recapture With A 1031 Exchange [Complete Guide] • https://1031exchangelady.com/how-to-d... • CHAPTERS • 00:00 Intro • 00:46 1. Do a rough draft of math to take to your tax advisor. • 00:51 2. Calculate basis. • 00:53 2a. Basis is an accounting term. • 01:14 2b. Basis example. • 01:43 3. Figure depreciation taken or allowed . • 02:07 3a. Separate land value from building and improvement costs. • 02:18 3b. How do you determine land value? • 02:35 3c. Land value example. • 02:54 3d. Depreciation = building + improvements ÷ 27.5 years. • 03:05 3e. Figure yearly depreciation. • 03:29 3f. 10 year example. • 03:49 4. Estimate Ordinary tax rate. • 04:07 4a. Use the federal tax rate chart. • 04:17 4b. Ordinary tax rates - 0% to 37% • 04:27 4c. Maximum Depreciation Recapture tax rate is 25%. • 04:37 5. Estimate depreciation recapture tax deferrable with a 1031 Exchange. • 04:47 5a. Depreciation Recapture Tax Example. • 05:50 6. Substitute your actual numbers and take to your tax advisor. • 06:09 7. Do a 1031 Exchange and defer your tax. • 06:31 7a. Talk to talk advisor. • 06:38 7b. Choose real estate agent with 1031 experience. • 06:58 7c. Get ready to sell and buy. • 07:01 7d. Sell your rental. • 07:03 7e. Funds go to Qualified Intermediary. • 07:16 7f. Designate properties within 45 days. • 07:26 7g. Contract to buy your new property. • 07:30 7h. Authorize Qualified Intermediary to send your funds. • 07:42 7i. Tax advisor files tax returns reflecting your 1031 Exchange. • WHY DO A 1031 EXCHANGE? • Somebody may have told you that you should do a 1031 Exchange, and here's why. If you don't do a 1031 Exchange when you sell your rental property, you may have substantial taxes in four categories (Capital Gains Taxes, Depreciation Recapture Taxes, NIIT Taxes, and relevant State Taxes). Real quick, a 1031 Exchange is when you sell one property held for investment, and buy another property held for investment, with specific rules and timelines. • IRS LINKS: • Here are the links to IRS form 8824 and instructions, which your accountant would submit for you when you do a 1031 exchange: • Form 8824 Instructions: (PDF) https://www.irs.gov/pub/irs-pdf/i8824... • Form 8824 to Download: (PDF) https://www.irs.gov/pub/irs-pdf/f8824... • ABOUT ME: • If we haven't met, my name is Maxine Golden. I'm a long-time real estate broker, and your 1031 Exchange Lady. I started this channel for small investors like you, so that you can save money on your taxes like the big boys do, under the 1031 Exchange law. The 1031 Exchange has been around for more than a century. It's a bit nuanced, so I started this channel to help you do it more easily. • HOW I HELP YOU: • I specialize in helping rental property owners like yourself in cities across America find qualified experienced real estate agents who can help them with their 1031 exchanges and to defer their taxes. • FOLLOW ME: • Subscribe on YouTube: https://youtube.com/@1031exchange?sub... • LinkedIn: / maxinegolden • LET'S CONNECT: • Text Me: (949) 279-4618 • Email: [email protected] • Book a call: https://1031exchangelady.com/book-a-c... • MAXINE GOLDEN • Realtor | Real Estate Agent | Real Estate Broker • Accredited Buyer Representative • Certified Residential Specialist • California Broker license No. 00426234 • Oregon Principal Broker license No. 201225449
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