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Whether you are looking to invest in, or far away from, Monroe County, the smart way to move capital tied up in real estate is with a 1031 tax-deferred exchange, which the Gourley Law Group's highly experienced real estate attorneys can help you with.
Real estate investment has always been a safe way for Washington investors to preserve and grow their capital. Monroe has been built in no small part on the efforts of investors who saw a future for themselves, their business, or the city in the gorgeous valley we live in.
If you are looking to make an investment in the area, however, or take what you have made here and reinvest in other areas, you risk losing a significant portion of what you made to taxes. Fortunately, if you are moving money from one real estate investment to another, you can defer federal taxes with a 1031 tax-exempt “like-kind” exchange.
With the help of our real estate law lawyers, one or more successful 1031 exchanges can allow you to keep growing your investment over time. Without losing a portion to taxes, your profit growth and potential accelerate faster, but there are plenty of rules and regulations to respect if you want to pull it off.
Since 1031 is a federal legal exemption, it applies only to federal taxes, but it also means that the exchanges it applies to are not limited to Monroe or even Washington. Therefore, you could take capital invested into a short-term rental (STRR) apartment in Seattle and buy one (or more) in Monroe to take advantage of Snohomish's relatively less strict STR regulations (for now). Or if you feel conditions are getting unsuitable in Washington as a whole, you could move your money to another state entirely.
The first important restriction on 1031 exchanges is that you must be reinvesting the entirety of the money into a new “like-kind” investment. This is a strictly enforced, but quite broad category. As long as you are exchanging investment real estate for investment real estate, it does not matter whether the two properties are similar or entirely different. You could go from a set of condos to a magnificent ranch, or from a business lot to rental residential properties.
There are other significant restrictions, notably about the exchange procedure and its duration.
The 1031 tax-deferred exchange transaction should be completed with the aid of a qualified intermediary, such as a lawyer from the Gourley Law Group.
Call Now For Expert Assistance(360) 203-1941
Growing your investment is important, but so is protecting it. While a successful tax-deferred exchange could save you money, a botched one might cost you instead. Working with a skilled and experienced lawyer like Craig Gourly allows you to take full advantage of the 1031 opportunity while minimizing your risk by:
First, successfully pulling off 1031 exchanges requires finesse and familiarity with the laws, regulations, and real estate markets at both the federal, state, and occasionally even the city level. Pulling your money out of Seattle might get you nowhere if you are not aware of the realities on the ground in Monroe.
Our attorneys have handled countless exchanges, often for the same clients who return again and again to keep their portfolios growing and responsive to the market. We know exactly what to do, how to navigate the various 1031 procedures and conditions, and ensure no costly mistakes are made at any point in the process.
Second, as attorneys, we have no ulterior motive besides doing our job well by successfully completing your 1031 transaction. This is, on a legal level, vital because a valid 1031 exchange requires the use of a qualified and neutral intermediary to handle the money involved at each step of the process.
It is also important on a strategic level, as you will never have to wonder about our interests or our goals. We are upfront with those at the start, and have no vested interest in either the property being sold or the property obtained in the transaction. We are, quite literally, the perfect middlemen to handle your business discreetly, efficiently, and without bias.
Finally, when thinking about whether to hire a lawyer to complete your 1031 tax-exempt real estate exchange, in Monroe or elsewhere, you also have to ask yourself, What is the alternative? Trying to handle everything yourself isn’t just risky, it might even be illegal or disqualify you from the exemption, especially if you make a mistake with the financials.
The other most likely alternative might be to hire a slew of different professionals for smaller portions of the task: a realtor to help find the properties, an accountant to handle the money and tax forms, a qualified intermediary to work through, and so forth. By not handling everything in one place, you are unlikely to save money, but run the risks of miscommunication or having these individuals or firms hand responsibilities off to one another without ever getting it done right.
In which case, you might end up back at square one with a lawyer anyway. So why waste the time and money when you can get virtually every aspect of your 1031 tax-deferred exchange handled in one place: The Gourley Law Group
Call Now For Expert Assistance(360) 203-1941
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1031 tax-deferred exchanges are not for families looking to change homes, nor for small business owners who want to relocate; they offer serious investment potential to those with money who want to take it further, whether that is in Monroe or beyond. If you find yourself wanting to diversify, expand, or simply relocate your real estate investments in Washington or anywhere in the United States, we can help.
Our law firm, the Gourley Law Group, takes great pride in the work we have done for and with investors, and in our mastery of tax and real estate law. If you want to see your investments flourish, take advantage of our experience by calling (360) 203-1941 today or reaching out for guidance online.
Call Now For Expert Assistance(360) 203-1941