Grant cardone episode 250 1031 exchange?

4 Replies

I’m looking to do a 1031 exchange in Florida.. On episode 250 Brandon was talking about a 1031 exchange and how you have 45 after the sale to find/buy another property so you don’t get taxed. My question is Cardone said something about 6 months and to read in between the line.. what was he referring to about the 1031 exchange? He didn’t want to say it on the air but is there a way to get around the 45 days exchange period?

I caught that also, I'd love to know what he meant.

No you cant get around the 45 days. You have a total of  a 180 days to complete your exchange. 45 day ID period plus 135 days to close = 6 months. I hope this helps!

@Logan Larochelle , before you put your current property on the market, you NEED to talk to a 1031 Qualified  Intermediary. There are SO MANY RULES for a 1031 exchange, and if you miss even one, all the tax benefits fly out the window. 

Attention QI's. This is NOT the place to advertise your services. I will remove your posts if you do.

@Logan Larochelle ,  Wink wink nudge nudge is not an officially accepted IRS mitigating circumstance!

The 1031 does have some very specific rules that cannot be messed with.  There is also quite a bit of gray in which to build your case and shape your unique exchange. The key to the entire thing is the guidance of the Qualified Intermediary who guides you through the process.  You have to use a QI so it's not an add on.  And you'll want to rely on a professional anyway, rather than your hairdresser's cousin or the wink wink nudge nudge guy.

The 1031 is an incredible powerful tool to put in your arsenal.  You just have to make the right steps.

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