Dave Foster is the founder and CEO of The 1031 Investor. He is a degreed accountant and serial real estate investor who is a qualified intermediary and consultant for tax saving strategies such as the 1031 exchange and the section 121 homestead exemption. He started fixing and flipping in the 90s and realized that about 40% of his profits were going directly to the IRS. Dave tells us about the updated rules and regulations around using the1031 exchange to legally compound your tax interest that will stay with you instead of going straight to the government.
Top 3 value Bombs:
1. The IRS wants you to do this 1031 exchange. It’s nothing out of ordinary. They are encouraging investing in real estate. The key component is that for 1031 exchange allows you to harness compound interest.
2. The positive side of 1031 is that you can use it to move real estate anywhere you want in the country, of any type, and any nature.
3. People will use the 1031 exchange to sell from a highly appreciated environment to an environment where they’ll get more cash flow.
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