All Forum Posts by: Daniel Patterson

Hey everyone,

I recently found this website with all these Tax Deferral and Tax Exclusion Strategies on it,

http://www.exeter1031.com/summary_tax_strategies.aspx

and I was wondering what are some of the more commonly used strategies, other than 1031. I'm curious if big time investors really use all of these strategies. And if there was a way, could you use most of them at the same time if you had the right situation. 

Thanks for any thoughts on this!

Well every little bit helps.. Thanks for your insight though! Just like money, every little bit of knowledge helps as well haha.

And just for clarification. The 1034 exchange was replaced by the Section 121 exclusion? So I guess my new question is; Can the 1031 and 121 be used at the same time? 

Thanks again!

ps. Do you really have a RE license in all those states?! That's incredible and inspiring! 

Hello everyone,

Looking to learn a little bit more about 1031 exchanges and and 1034..

First off, can both of these tax exemption strategies be utilized in tandem? 

Secondly, does the QI pay your taxes on the house? or do the taxes just disappear? I'm confused how the QI takes on that role and all you have to do is pay them a fee.

Third, say if you decide to stop investing and you finally pull yourself out of the chain, do you have to pay taxes on everything that you used the exchange on in the past? or do you only pay taxes on the most recent closing?

A side note question.... Isn't there some other type of tax strategy where if you live in a home for a year first before reselling it? I forget the name of that one and how it exactly works.

If you have any thoughts on one of these questions it will be greatly appreciated!

Thanks!

@James Harris

Welcome to the vibrant BP community. Your time here will be well spent.

Since you expressed an interest in wholesaling, I added the below links on this niche for your review, while waiting for local connections to wholesalers in your area.

https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)

https://www.biggerpockets.com/renewsblog/2014/10/09/getting-started-real-estate-wholesaler/ (BP Podcast 091 Wholesaling)

https://www.biggerpockets.com/renewsblog/2013/10/31/wholesaling-podcast-mike-nelson/ (BP Podcast 042 - wholesaling)

Best of luck!

There are tons of free resources for you to enhance your career.

Take a moment and look at the learn tab on top and read through all the how to guides.
Next listen to all the podcasts. That should answer 90% of your questions.

Best of luck!

This is an awesome thread! Thanks for starting it and sharing, sincerely.