“I was able to do it all through emails from my home. Andy made the process much less stressful. I was on a deadline and he gone it done for me, no issues at all. Communication was remarkable and always there whether through email or telephone. I give him two thumbs up and wouldn’t change […]
“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. […]
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 […]
“I was able to do it all through emails from my home. Andy made the process much less stressful. I was on a deadline and he gone it done for me, no issues at all. Communication was remarkable and always there whether through email or telephone. I give him two thumbs up and wouldn’t change a thing.”
A 1031 exchange allows the owner of an aircraft held in the productive use of a trade or business to defer the federal and state capital gains and recaptured depreciation taxes when selling, given the Internal Revenue Code Section 1031 Regulations are strictly followed. Even though the aircraft selling price may be lower than when it was acquired, the depreciation or bonus depreciation taken can be hundreds of thousands of dollars and deferred in a 1031 exchange. In effect, the tax deferral is an indefinite interest free loan available to all US and non-resident federal taxpayers. States can impose a sizable personal property aircraft and sales tax if the taxpayer and Qualified Intermediary (QI) are not careful.
“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.”