1031 Exchanges and an Intro to Drones

IntroductionThank you again for suggesting topics for us to talk about on the podcast and keep them coming.  Send those to [email protected] or find us all over social media.CommercialOutback Wrap— Outback Wrap hydraulic hose markers are designed to reduce the frustrations of hydraulic hose handling and identification. Outback Wrap won't fade or become brittle and break off like other tags or identifiers. The second product that we have added is the Hose Tamer. This is an 18” long 40mm diameter wrap that is designed to tame your wild hoses. It can hold  up to 14 hoses and can easily be switched between equipment.www.outbackwraps.com – FARM4PROFIT for 20% offWhat’s Working in AGFlying Ag Drone Supplywww.flyingag.comuse code FARM4PROFIT for a free battery with your order - expires 2/1/2021Main Topic10-31 ExchangesWhen people own property.  What 4 options do they have with that property?What are the benefits of Section 1031?Can anyone use a 1031 exchange?By using 1031 exchange, how could this affect my tax position?We learned in our conversation with the SPA that the Capital Gains tax rate is largely unchanged.  This creates a substantial tax saving opportunity.Example?1031 exchanges can be used for real property only, what does that mean?Can you exchange a farm for an apartment building or a lake house?Rental property, Farms, Office, Retail space, warehouse, mini storage, vacant land, golf course, vacation home, partial interestsOK, so for farms, What all does that include?Livestock buildings, grain bins, tile, timber, pipelines, wind turbines, cell towersYou have our attention.  What does this process look like?QI, identification, acquisition, closingWhat are some examples of how you have seen 1031 exchanges work?What are some common mistakes you have seen to where this won’t work?Or what are pitfalls to avoid?Is there such a thing as a reverse 1031 exchange?How does section 1031 get sticky with related parties?What is a common trait or characteristic that you have seen among the most successful people you know?Anything else you’d like our listeners to know?Contact infoSummaryChallengeClosing Reminder to like, rate, and review.  Send us your favorite episode from 2020 to help us wrap up the year!   Want Farm4Profit Merch?  Custom order your favorite items today!https://farmfocused.com/farm-4profit/ Don’t forget to like the podcast on all platforms and leave a review where ever you listen! Website: www.Farm4Profit.comShareable episode link: https://intro-to-farm4profit.simplecast.comEmail address: [email protected]/Text: 515.207.9640Subscribe to YouTube: https://www.youtube.com/channel/UCSR8c1BrCjNDDI_Acku5XqwFollow us on TikTok: https://www.tiktok.com/@farm4profitllc Connect with us on Facebook: https://www.facebook.com/Farm4ProfitLLC/Farm4Profit Media is not a financial, legal, or tax advisor. Content is provided for informational purposes only, and we serve solely as a platform for third-party opinions. Any actions taken based on this content are at your own risk. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.