1031 转换

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请理解以下四个前提: 

  1. 1031转换的核心是延迟付税,实施时请务必咨询你的会计。
  2. 1031转换公司是类似过户公司一样的第三方交易服务中间人,他们收取服务费,由你指定成为两个交易的主体,负责收取和支出资金、准备账目与转换文件,但他们对税务和地产交易本身不负责任。
  3. 虽然我作为房产经纪人无法提供你税务方面的咨询与建议,但是,我非常高兴作为你的信息源,为你做前期调查工作,包括联系我在过户和1031转换公司的合作人,为你在房地产相关的税务领域提供思路和可能性。 这样,你就可以带着具体的问题请教你的会计和律师,从而制定出更接近你的目标并切实可行的规划。
  4. 税收政策在不断变化中, 我们能做的是衡量今天能看到的利弊,追求利益最大化。但是,请了解实际上存在这样的可能,由于未来的政策变化, 当我们在未来的某个时间点回头看发现今天的做法并不是利益最大化的方案。

A。必须使用合格的1031转换公司. 必须尽早和转换公司签订转换协议,最晚要在出售第一个地产过户之前。regular: 即时通知开设;improvement/reverse 提前2-3周

B。同一个纳税人 (例外:个人和生前信托,即可撤销的信托,设立者;对IRS而言,这种信托的纳税人就是信托成立者本人。) 

C。时间表

一、丝毫不能错过;所有节假日都计算在内。

二、购买新资产的过户必须在180天或报税日期或其申请的延迟日期之前, 以早到的日期为准):

D。45天内必须锁定并提交地址价格等信息给交换公司, 45之内可以更改物业, 45天后的更改将自动作废1031转换。 

  • 3个物业 (价值没有规定); 必须在这三个物业中购买一个。如果你没有买到任何一个,那么1031转换也自动作废。 
  • 200% 规则: 多个总值不超过售出物业两倍的价格,注意如果你没有拿到其中一个物业,别的买家提高价格买到此物业,那么你剩下总的额度就会被减少。 
  • 95% 规则: 不太明白。 
  • Three Property Rule: The Exchanger may identify as potential Replacement Property any three properties,

  • 200% Rule: The Exchanger may identify as potential Replacement Property any number of properties, provided the aggregate fair market value (as of the end of the Identification Period) of all of the identified properties does not exceed 200% of the aggregate fair market value of all of the Relinquished Properties.

  • 95% Exception: If the Exchanger identifies more potential Replacement Properties than allowed under either the Three Property or the 200% Rules, the Exchanger will be treated as if no Replacement Property was identified. However, this does not apply with respect to any Replacement Property received before the end of the Identification Period and any properly identified Replacement Property received by the end of the Exchange Period if worth at least 95% of the aggregate fair market value of all of the identified Replacement Properties. Treas. Reg. 1.1031(k)-1(c)(4)(ii). For this purpose, fair market value of the aggregate Replacement Property is determined as of the earlier of the date the property is received by the Exchanger or the last day of the Exchange Period.

E。全额延迟税款的投资要求

  • 新置物业的购买价格 >= 售出物业的价格
  • 新置物业的净资产 >= 售出物业的净资产
  • * 可以增加现金投资取代原来的贷款数额。* 可以利用装修新物业来提高新物业的价格。

无法全额延税的情况,即交换人在1031后仍有现金剩余; 这个叫Boot, 可能会有税赋责任,会计师有可能帮助你利用其它的税收优惠政策,计入各类装修,利息等等成本,等等,进一步降低你实际缴纳的税额。 

F。符合1031转换的物业:商用转商用

出租房产:IRS 没有明确规定出租的期限。 1031转换公司觉得,出租期限至少一年(最好多出1天); 最好连续两年显示在的报税文件上。 (可以出租给自己的孩子-不是房主,但是必须有相当于市场租金的记录和报税。)

度假房产: 最近两年每年出租了至少14天,没有自住过;或者自住的天数小于10%的出租天数。 

自住房产中用于办公的部分:连续两年显示在的报税文件上

出售物业部分

  1. 转换人和1031公司签署《转换服务协议》
  2. 转换人(卖家)和买家签署《出售物业的买卖合同》, 并且在这个合同中指定1031转换公司代行转换人(卖家)的权力 Assignment Provision and Exchange Cooperation Clause in Sales Contract. 
  3. 1031转换公司要求过户公司归还贷款、支付交易费用,然后将余款打入转换人在1031转换公司设置的账户; 同时要求过户公司直接安排将地契从卖家转到买家名下。

交换人在45天内锁定要购买的替代物业

购买替代物业部分

  1. 转换人(买家)和卖家签署《替代物业的买卖合同》,在该合同中指定1031转换公司代行转换人(买家)的权力 Assignment Provision and Exchange Cooperation Clause in Purchase Contract. 
  2. 在180天内或纳税日之前,替代物业过户。 过户时, 1031转换公司电汇资金到过户公司; 同时要求过户公司直接安排将地契从卖家转到转换人(买家)名下。
  3.  1031转换完成。1031公司最后将余款电汇给转换人。 

1031 转换公司准备的文件:

Exchange Agreement, Assignments of Purchase and Sale Agreements, Notices of Assignment to the respective buyer and seller, and provide a blank Replacement Property Identification Notice, among other form documents.

额外步骤

  • 选择转换公司: neutral and not advising for past 2 years. 
  • 律师审阅所有文件
  • 延迟付税 (30-40%的资本收益),今天的资金永远比未来的钱值钱。 
  • 一系列的买卖,只需在最后一次出售的时候支付一次税收
  • 留给孩子时,利用Step up basis 把不动产成本自动提高到市场价值,从而得以省掉所有的付税。 
  • 随时根据自己收入情况,调整收入水平,从而拉低收入区间所对应的税率。
  • 和个人房产相结合,同时利用商业和住房地产的税收优惠政策,最大限度降低税负

A 1031 Exchange Does a Lot More Than Defer Taxes

  • Future Conversion to Personal Use Property: Whether you are planning for retirement or simply cannot afford to acquire a vacation home yet, a 1031 exchange may be able to help.  The eventual sale of the replacement property may qualify for the Section 121 Primary Residence Exclusion or a Vacation Home 1031 Exchange.
  • The gain can be deferred indefinitely and when one passes away, his heirs inherit the property with a stepped up basis and the gain is forgiven.

Best QI 2021 | 6 Best QI 

QI: must be neutral and not advising in past 2 years. All monies held until exchange closes. 

IPX1031

Local business; Affiliated with Fidelity, Chicago, Lawyers Title

Insurance docs: 100 m business; 30 m liability; 50 m each case. 

Ron.Ricard@ipx1031.com 408.483.1031 with a Chinese speaking officer

Regular: $1200; Inverse / improvement: $9000

First American Exchange: [out source to Philippines]

Depreciation recapture

For example, if business equipment was purchased for $10,000 and had a depreciation expense of $2,000 per year, its adjusted cost basis after four years would be $10,000 – ($2,000 x 4) = $2,000.

For income tax purposes, the depreciation would be recaptured if the equipment is sold for a gain. If the equipment is sold for $3,000, the business would have a taxable gain of $3,000 – $2,000 = $1,000.

It is easy to think that a loss occurred from the sale since the asset was purchased for $10,000 and sold for only $3,000. However, gains and losses are realized from the adjusted cost basis, not the original cost basis. The reasoning for this method is because the taxpayer has benefited from lower ordinary income over the previous years due to annual depreciation expense.

*** Regarding the repairs/improvements you made on the property before it was sold:  anything you do with the property before you sell it is not part of the exchange, whether it was a week before or ten years. If you want to “pay yourself back” for the money that you put out, that cash will be viewed as taxable “boot”. There may be some offsetting tax deductions for working on the property, but that would have to be addressed with your tax advisor. From an exchange point of view, any money that comes back to you at the close of escrow is a potential tax liability.

 

  1. 200% rule & 95%  rule
  2. QI must be neutral and not advising for past 2 years. 
  3. 可能的装修项目: improvement exchange

 

====

  • 选择交换公司,签合同; regular: 即时通知开设;improvement/reverse 提前2-3周
  • 律师审阅合同
  • 会计师做账报税

====

improvement and taxable boot. 【所有的装修必须在6个月内完成。由交换公司成立LLC 进行]

设计与运作

  1. 交换公司:IPX1031,  (unregulated market, insurance)
  2. CPA: 1) 500K for primary, 2) the rest for 1031
  3. 716: 与买家合作
  4. 252: 与卖家合作

正向(先卖后买)转化操作时间: 从出售的物业过户日算起:

  1. 45 天内找到并提交3个感兴趣购买的物业
  2. 180天内,新购买的物业过户。
  • 反向交换费用: 9000+
  • 正向交换费用:1200+
  • 延迟交换费用(购买中附加出售物业的条件):3000+

面试问题: 举出两个帮客人打官司的案例。 

Pros: To buy first then sell. No pressure to locate properties in 45 days especially in a seller’s market. You would only get QI involved once you are ready to move forward with the purchase.

Cons: You might have to put forward funds for purchase for getting a loan can be a problem.

Deadline: You have to sell your property within the same 180 day window as a regular 1031.

We can pay all cash to purchase the replacement property. 

Either park the replacement property with a triple net lease or park the relinquished property by providing finance in the EAT. Which one is easier and less costly? 

***Our fee is the same, about $6000, including the cost of the LLC. We suggest we take title to the replacement property.  This way we can just assign the LLC to you at the end, instead of having to go through another escrow.

For both reverse and improvement exchange, how much is it?

***The incremental cost if you want to also do Improvements is $500.

***If you are subject to FIRPTA, doing an exchange will not prevent escrow from having to do their withholding (which is usually 15%).

Ron Ricard – Chicago Title (Cathy Gamch, Renee Gutuierrez, Ran)

Prop 19. Primary residence, Transfer property to your children by Feb. 16 before talk to CA CPI and RE Attorney. 

extensions: no 

CA AB71 potentially eliminating stepped up basis? Going to committee in March, maybe

The 1031 will help most When you die and kids step in with the new basis, all the taxes are wiped out. 

Primary residence:

  1. use portion (up to CPI and reflected in Tax returns) as office then you can use 1031
  2. How long does primary residence need to be converted to income property i.e. one year or more before you can 1031 exchange it? On two tax returns. 
  3. move out to rent out for 2-3 years to take advantages of both 1031 and primary residence. ask for attorney
  • Second homes: no rental like your kids live there. 
  • Flips
  • developments 

In REVERSE 1031 Exchange, is 45 days to ID new property still the same? You need to have 1031 intermediary come in for the purchase. 

agent should put “cooperate with 1031 exchange “ in the sale contract

how long should we wait before moving in 1031 investment as my primary home? at least 2 years and discuss with CPI

拜登政府提议的税改 (估计9/10月决定是否通过)

最高资本收益税率:

  • 提议: 超过100万,39.6%(Max capital gain tax rate: $1+ million 39.6%)
  • 目前: 个人 $446K + 20%; 联合: $502K +20%

1031 商业转换 

  • 提议:设最高限$500K
  • 目前: 没有最高限

继承时的成本垫高规则 (Step-up-basis)

  • 提议:取消收益在$100万以上的成本垫高
  • 目前:子女继承父母资产时,资产的成本按照继承时的市场价值估算。这样,当子女出售资产时,可以降低收益,从而降低资本收益税。

最高普通收入税率 (个人 $524K + ; 联合: $628K)

  • 提议:39.6%
  • 目前: 37%

技术合伙人的收益 (carried interest)

  • 提议:按照普通收入征税
  • 目前:按照资本收益征税

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