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I want to do a 1031 exchange for a single family rental

Customer Question
property to avoid paying $54,000...
I want to do a 1031 exchange for a single family rental property to avoid paying $54,000 in taxes. I would get $120,000 cash from the sale before taxes. Am 64, want more passive involvement. Have read about TIC's, NNN and Delaware ... butt I do not have $200,000 income or $1,000,000 in assets. Do you know of any exceptions or other options as the structures of those products seem ideal for my situation.
JA: Has any paperwork been filed?
Customer: Not yet. Am doing research and trying to figure out the options before I get started. Want to put the property on the market next month.
JA: Anything else you want the lawyer to know before I connect you?
Customer: I had my CPA estimate the taxes I would owe.
Submitted: 6 months ago.Category: Real Estate Law
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Answered in 14 hours by:
5/10/2017
Real Estate Lawyer: Amadeo Rivera,
 replied 6 months ago
Amadeo Rivera
Category: Real Estate Law
Satisfied Customers: 81
Experience: Sr. Trial Attorney II at El Paso County Public Defender
Verified

Have you spoken with a broker? It seems like that would be the best person to speak with. I used to work with a lot of investors and saw all sorts of options. It seems to me like one of the most "passive" arrangements for a landlord is a ground lease. You might speak with a broker and tell him/her you are looking to purchase a ground lease. I don't know what type you might find in the $120,000.00 range, but that is what I would suggest. In case you are not familiar with a ground lease, it is very much a favorite of landlords. The landlord purchases raw land, leases it to a tenant, looking for such an arrangement, then the tenant, pays the landlord rent for the raw land, then, at its cost, constructs its building. The ownership of the property is essentially severed, with the tenant owning the improvements, and so maintains the same, and the landlord retaining ownership to the land. At the expiration of the lease, the ownership of the improvements are either torn down, or ownership passes to the landlord, depending on the terms of the lease.

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Customer reply replied 6 months ago
Could I do a 1031 exchange into a land lease?
Real Estate Lawyer: Amadeo Rivera,
 replied 6 months ago

Talk to your CPA. I think (I have done many 1031 exchanges over the years, but the tax advice came from CPAs or tax attorneys). I did learn quite a bit, but I don't give tax advice. I believe so long as you exchange the funds into another income producing property, your exchange is good. Your Exchange Intermediary will have good information as well. Good luck!

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Real Estate Lawyer: Amadeo Rivera,
 replied 6 months ago

If you found my answer helpful, please accept it and provide positive feedback. Thank you.

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Amadeo Rivera
Amadeo Rivera
Amadeo Rivera
Category: Real Estate Law
Satisfied Customers: 81
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Experience: Sr. Trial Attorney II at El Paso County Public Defender

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