“Atlas is a very good communicator, both with timely email responses and return phone calls. In fact, in most instances, the phone call was answered on the first dial. Getting answers fast was my key to earning trust.”
1031 Vacation property
1031 Exchange: Vacation Property Rental
“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.”
1031 Exchange: Condominium for Condominium
“The service was great. Andy made it very easy to understand and was always accessible to phone calls and responsive to our emails. We will use Atlas’ services again in the future.”
1031 Exchange of Vacation Property
“No tax was paid and the 1031 service was efficient.”
1031 Exchange: Vacation Property Hold Time
As a general rule, when a taxpayer sells real property and realizes a gain on the property, the taxpayer is required to pay capital gains taxes on the gain realized. Although the rate at which capital gains are taxed fluctuates, it is typically enough to warrant looking for legal mechanisms to avoid the obligation. One mechanism used by many taxpayers is a Section 1031 Exchange. Named after the IRS section from which it stems, a Section 1031 contemplates an “exchange” of property instead of an outright sale. When a transaction qualifies for a Section 1031 Exchange, capital gains taxes on the realized gain are deferred. Can the sale of a vacation property qualify for Section 1031 treatment? If certain conditions are met, the answer is “yes.”
1031 Exchange: Vacation Property Rental
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.