Tom Gustafson

1031 Reverse Aircraft Exchange Cessna 501 for Cessna 525

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“What impressed me was that what he said is exactly the way the reverse exchange happened. He was spot on. It is a rarity today to find someone so competent, available, thorough and responsive let alone trustworthy. If he didn’t know the answer, it was not long before he researched the question and got back. I could not be happier with Andy. No complaint here, he was professional, timely and enjoyable to work with. I am sincerely appreciative of how Andy responded and acted on my behalf.”

Atlas 1031 Exchange came highly recommended by AIC Title Services in Oklahoma City, Oklahoma to provide qualified intermediary services for a reverse 1031 aircraft exchange. Meurice had several reservations given he had never initiated a reverse 1031 exchange and understood enough to error on the side of caution. After vetting several qualified intermediaries, he was assured that Atlas 1031 would go the extra mile and that was the case. “Andy earned every bit of his fee” working along with his attorney, CPA and aircraft brokers to prepare and execute the exchange documents.

The reverse 1031 exchange started with the acquisition of a Cessna Citation 525 while the old Cessna 501 was parked temporarily with the Exchange Accommodator Titleholder. Eagle Air had full use of the 501 to market and maintain, utilizing the full 180 calendar days to complete the 1031 reverse aircraft exchange.

Meurice Lefevre, Sr.
Eagle Air, LLC
Alpharetta, Georgia

 

Aircraft 1031 Exchange Testimonial

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This 1031 exchange was a referral from AIC Title Services in Oklahoma City, Oklahoma. The client was exchanging a Cessna 340A and replacing with Cessna 310Q with air. This was a forward exchange where the funds from the disposition were wired to a qualified escrow account and held until needed for the acquisition of the replacement aircraft.

The exchange outcome deferred a portion of the gain given cash was returned at the end of the exchange. Given the exchange was initiated in December, the client elected not to file an extension for their federal income taxes, ending the exchange on April 17th. The full 180 calendar days would have been available with the federal tax extension.

“I found Andy to be extremely cooperative and very responsive. He maintained contact with me throughout the exchange, alerting me of upcoming action steps and making the process hassle free. He did what he said he would do. I appreciate that!”

Stan Turel
Bend, Oregon

 

Reverse 1031 Exchange Planning

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In preparation for an extensive reverse exchange, Josh Rothstein spoke for hours with Atlas 1031’s Andy Gustafson. Josh’s father also participated in the calls to discuss the steps of a multi property reverse exchange. Josh’s grandmother was selling an interest in a commercial property located in Los Angeles County, California. The replacement properties are single family homes needing repair and refurbishment in Texas.

Over the course of several weekends we discussed the steps of a reverse improvement exchange, how to acquire bank owned properties and once acquired, the weekly process of approving contractor invoices and making payments from the proceeds of the sale. One of Josh’s biggest challenges is to identify the multiple replacement properties along with an outline of intended improvements by the 45th calendar day post closing on the commercial property.

“Andy’s input was remarkable. He guided us through a maize of 1031 related regulations with clarity and confidence. We had so many questions that the final solution needed to be flexible to work for all parties. Often, I would have notes from our calls and come back with related questions for further clarification. When I do this again, I will engage Andy and Atlas 1031 Exchange as our Qualified Intermediary. Call Andy for my phone number and I will be happy to share why hands down, Atlas 1031 is your #1 accommodator solution.”

Joshua Rothstein
Los Angeles, California

 

1031 Exchange: Vacation Property Rental

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Jeff Boll is General Counsel for SETCO Services, LLC in Perdido Key, Florida. He has worked with Atlas 1031 Exchange and Andy Gustafson for a couple of years referring clients interested in 1031 tax deferred exchanges. When it came to his personal 1031 exchange, he followed his guidance to others and engaged Andy at Atlas 1031 Exchange.

In his forward exchange, he sold a lot and acquired a condominium of greater value. It was a straight forward exchange, replacement property was identified within the 45 day time line and acquired shortly thereafter.

“The 1031 exchange was a very smooth process. I found Andy easy to work with and very professional. Though I have known and referred clients to Andy in the past, I trusted his knowledge and procedures to safeguard my exchange proceeds. VIST Bank provided monthly account statements reflecting my exchange funds balance. When if came time for the replacement funds, Andy initiated the wire out and VIST Bank called to confirm the personal identification number authorizing the disbursement. Andy responded to everyone of my emails or phone calls within the same day.”

Jeff Boll
Perdido Key, Florida

 

1031 Exchange: Land for Rental Property

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Chris Kim was referred to Atlas 1031 Exchange by his Realtor to accommodate the 1031 exchange of vacant land for a rental property in different cities in Texas. The old or relinquished property was sold and the exchange proceeds were wired to an escrow account established under his tax identification number in Leesport, Pennsylvania with VIST Bank. Chris identified a couple of properties as potential replacement property by the 45th calender day post closing. After negotiating the purchase contract for rental property, the closing was held and the exchange proceeds were wired the day before the closing.

The exchange went smoothly allowing the capital gains to be deferred and replacement property acquired before the 180th calendar day.

“Andy made the exchange an easy process.  At first, I was hesitant of working with someone I hadn’t met. But with each conversation, he answered all of my questions and did what he said he would. I found him patient, proactive in making me aware of decisions to be made in advance of the time lines. I hope to work with Andy and Atlas 1031 Exchange again and happily refer them to anyone who could use their fine services.”

Chris Kim
Houston, Texas