Mike Skoczylas is an expert on the 1031 exchange, which can be a very useful tool for real estate investors. That’s why he was the latest guest on the Jose Luiz Morales Show.
For Episode 25 of the Jose Luiz Morales Show, we have a very special guest joining us. It’s Mike Skoczylas of Madison Exchange, LLC, who is an expert in 1031 exchanges. The reason I wanted to bring Mike on is because I get a lot of questions from home investors who don’t fully understand what a 1031 exchange is and how it can help alleviate certain tax implications when they want to sell.
Here’s an outline of our full discussion, with timestamps so that you can skip ahead to the section(s) that interest you the most:
1:25- What is a 1031 exchange?
3:00- Why investment property sellers can benefit from a 1031 exchange
8:00- What classifies as a “like-kind” property?
11:45- The qualifications for doing a 1031 exchange
17:48- Can you do a 1031 exchange after you’ve closed on your sale?
20:30- Is there a waiting period that you have to observe between 1031 exchanges?
23:55- How long do you have to hold on to a property before completing a 1031 exchange?
25:25- Can the IRS challenge 1031 exchanges?
28:30- What happens when an investment property becomes a primary residence?
31:00- What’s a reverse 1031 exchange and when is one appropriate?
35:20- A few additional pieces of advice from Mike for those considering a 1031 exchange
41:40- Wrapping things up
Thanks so much to Mike for joining me and sharing his expertise with all of us. If you have any other questions about 1031 exchanges or Ventura County real estate, don’t hesitate to reach out and give me a call or send me an email. I would love to hear from you.
Also, please take a look at other videos and posts on my blog! http://www.myhomeseekers.com/blog/
