Frequently Asked Questions - 1031 Exchange

Q: How long do I have to own a property before I can exchange it?

A: The longer the better. Unfortunately, there is no safe holding period for property to automatically qualify for an exchange. Keep in mind, the property only needs to be “held for investment or productive use in trade or business” for it to be eligible for an exchange. Time of ownership is only one factor the IRS looks at when determining if the property was “held for investment”. Some tax advisors recommend a minimum holding period of one year.

Q: Can I sell my duplex and purchase raw land?

A: Certainly. Properties involved in an exchange need to be “held for investment or productive use in trade or business”. Holding land for its future appreciation would be considered held for investment. Don’t get confused by the “like-kind” requirement. “Like-kind” can be any real property used for business or investment purposes within the U.S.

Q: Can I move into a rental property that was originally purchased as part of a 1031 Exchange?

A: Yes - but not right away. Keep in mind that the IRS will look at your “intent” in determining if your exchange is valid. If the IRS feels your original intent when the property was initially acquired was to use it as a primary residence, you may have your exchange disqualified. To play it safe, rent the property out for as long as possible before moving in.

Q: Do I have to reinvest ALL of my cash (equity)?

A: No. However, any cash (equity) that is not reinvested in real estate will be taxable (and is known as cash boot). The general rule of thumb if you don’t want to pay any taxes is to reinvest all of your cash and purchase a property equal or greater in value.

Q: How long do I have to complete my exchange?

A: 180 days. However, also keep in mind you will be required to identify your potential replacement properties on day 45 of your exchange. Your timeline starts when you close escrow on the property you are selling.

Q: Does my Realtor need to do anything special since I am exchanging?

A: Your Realtor should make sure the sales contract is assignable. Asset Exchange Company can provide the necessary language for the contract.

Q: How do I get my exchange started?

A: Call Asset Exchange Company at 877-471-1031 as soon as you’ve opened escrow. We’ll draft up an exchange agreement and coordinate with you and your escrow company to facilitate the exchange.

Q: What are their fees?

A: $499 for a standard one for one delayed exchange.

Q: Do you handle Reverse 1031 Exchanges?

A: Yes. Asset Exchange Company can accommodate Reverse 1031 Exchanges. We also handle multi-property exchanges, construction and improvement exchanges and reverse construction/improvement exchanges.

Q: Does your company have an Attorney or a CPA on staff?

A: Both. When you work with Asset Exchange Company, your transaction is handled from start to finish by an attorney and a CPA. You can consult with the attorney/CPA as much as necessary at no additional fee.

Q: What distinguishes Asset Exchange Company?

A: Hard work - and we like what we do. Asset Exchange Company wants to be the resource for all your 1031 Exchange needs. We work hard for our clients, we are responsive and we offer great rates.
  
 
 
 
 

Popularity: 31% [?]

Market Flash – October 2007
Time to Take Advantage

The fall season, a time which beckons change, is here.  For eager home buyers and sellers wishing to make a change before the New Year, now is the time to take advantage.  Despite what is being reported in the news media, real estate in Northern California remains a strong investment and the opportunities are out there.  Interest rates remain steady and the demand for well-priced homes remains strong.  Read on. 

Statistics:

Statewide: C.A.R. reported the median resale price of a single-family detached home in California for August as $588,970, a 2% increase over the revised $577,300 median for August 2006. The August 2007 median price increased 0.5% compared with July’s revised $586,030 median price.  Sales activity year-over-year decreased 27.8%, which is less than last August.  Unsold resale inventory in August was sufficient for 11.8 months, compared to – we said 6.8 months a year ago, CAR claims 5.9 months now – of a year earlier. Median number of days till sale was 56, up from 51 a year earlier. 

County Statistics:
 
Region

Median Price Aug 2007

% Change in Median from July 2007  % Change in Median from Aug 2006 % Change in Activity from July 2007 % Change in Sales from Aug 2006

Alameda County $619,000 2.15% 4.03% 29.73% -24.50%
Contra Costa County $575,000 -4.01% -0.52% -3.69% -35.63%
El Dorado County $460,000 -3.16% -4.56% 3.35% n/a
Marin County $899,500 1.35% 12.44% -14.01% -34.33%
Monterey County $587,000 4.82% -3.29% 7.60% n/a
Napa County $597,500 -2.77% -4.40% 21.18% -19.53%
Nevada County $416,000 -3.03% -11.96% 9.91% n/a
Northern California $370,390  -4.05% -6.56% n/a n/a
Placer County $429,000 -0.23% -2.78% -2.78% n/a
Sacramento County $314,000 -3.24% -14.67% n/a n/a
San Benito County $520,500 4.05% -8.68% -27.59% -63.16%
San Francisco Bay $655,000  -1.50% 3.97% -1.67% -24.85%
San Francisco County $822,000 2.88% 7.80% 2.30% -13.75%
San Mateo County $788,000 -1.50% 4.37% 0.41% -16.07%
Santa Clara County $715,000 2.14% 5.15% -0.10% -15.28%
Santa Cruz County $669,500 -7.01% -5.70% -0.50% n/a
Solano County $420,000 1.20% -9.68% 2.45% -42.74%
Sonoma County $505,000 -2.88% -8.18% 0.19% -24.49%
Yolo County $381,500 -5.80% -6.95% 9.94% n/a

Bay Area August median price, at $655,000, is down a sliver for the month, up a respectable 4% for the year. Sales activity is down 25% for the year, about mid-pack.  Alameda and Contra Costa counties are holding their medians well.  They remain two of the more affordable counties in the Bay Area, with lots of attractive entry-level and move-up housing.  Marin County’s huge jump in median, together with the decline in sales of over a third since last year, points to lots of top-end and all-cash purchases.  Monterey County median leads this month’s pack for month-to-month, but activity is down almost 38% for the year.  Napa, Sonoma, and Solano Counties are showing declines in both median and activity.  Some of this may be attributable to a very weak second-home market.  San Benito County’s roughly 9% decline in median puts it near the middle of the pack.  San Francisco County’s median price continues strong and its year-over-year decline in sales, at less than 14%, is actually the smallest dip for this month.  We suspect that cash purchases, and purchases by overseas buyers, are playing a role here as they are in Marin.  Santa Clara County’s median price took a slight leap between March and April and since then has been in the range of $713,000 to $720,000, which may be able to hold in the face of generally weak medians; sales activity is down almost 35% from last year.  Santa Cruz County’s $669,500 median has dropped from last month’s $720,000, near its historic high.

In Sacramento/Capitol Region, Five zip codes – Granite Bay, part of Auburn, and three areas of Sacramento – had improved medians for August.  In sales, Loomis more than doubled year-over-year; Granite Bay was the only community to show an increase in both sales and median; Shingle Springs and parts of Roseville, Sacramento, and Rocklin also posted better sales.  El Dorado and Placer Counties are holding their own while Sacramento County continues to experience declines in its median, both month-over-month and year-over-year. 

Interest Rates*: Thirty-year fixed rates are 6.82% nationally, but edging up on 7% in California; other statewide figures are 6.59% for conforming 15-year fixed and 6.21% for conforming 5/1 ARM. 

Inventory: Still plentiful in many areas throughout Northern California.  As usual, San Francisco and the Peninsula could always benefit from an increased selection of homes. 

Overall Assessment:  Bank on inventory (in many areas), emphasize curb appeal and staging.  Gently discourage bargain-hunting – yes, prices have cooled in many areas, but sellers still want acceptable return on investment.  Understand that qualifying for a loan may be a collaborative process.  Be ready to match property to prospect carefully, especially with overseas or out-of-area buyers.  Remember, and encourage your clients to remember, that a residence is a long-term purchase and that finding the right one is well-rewarded effort.  If you take advantage of available information and experience, you can still make sellers and buyers – and yourself – happy.

*Area interest rates are reported to be as follows:

Sacramento/Tahoe, San Francisco Bay Area and Silicon Valley regions: Princeton Capital reports that as of October 1, 2007, the 30-year fixed with one point is 6.75%, the 15-year fixed with one point is 6.25% and the 5/1 ARM with one point is 6.375%, on non-conforming loans of $500,000. 

Popularity: 23% [?]

TREASURY REPORT: LIKE-KIND EXCHANGES REQUIRE OVERSIGHT TO ENSURE TAXPAYER COMPLIANCE

The September 17, 2007  Report ( reference number: 2007-30-172 )  indicates the Treasury is concerned taxpayers performing 1031 exchanges are underreporting gain because there is little IRS oversight of 1031 at the present time. The Report has three recommendations that the IRS has agreed to pursue:

1) The IRS will study compliance and reporting issues involving 1031 tax deferred exchanges from tax returns selected by the National Research Program. As a result of this study, the IRS anticipates recommending target audit areas for exchanges by the end of summer in 2008.

2) By January 2008, the IRS will be revising their information on the IRS website and in a number of IRS forms and publications to provide additional guidance regarding the need for taxpayers performing 1031 exchanges to file Form 8824.

3) The IRS will be offering more guidance on 1031 exchanges of second and vacation homes that are not used exclusively by the taxpayer. The IRS is concerned that some may have been encouraging taxpayers to exchange non-qualifying second or vacation homes.

http://www.realtoramir.com/

For instant MLS search click here. 

For an automated MLS search click here. 

The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Popularity: 17% [?]

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Steve@SLarson.com

Popularity: 17% [?]

Holding Requirements…

How long do I have to own my relinquished and replacement properties before they qualify for 1031 Exchange?

Want the easy answer?  The longer the better. Unfortunately, there is no safe holding period for property to automatically qualify for a 1031 Exchange. Keep in mind, the properties only need to be “held for investment” to be eligible for an exchange. Time of ownership is only one factor the IRS looks at when determining if the properties were held for investment.

In one private letter ruling (PLR 8429039), the IRS stated that a minimum holding period of two years would be sufficient.

Although a private letter ruling does not establish legal precedent for all investors, there are many advisors who believe two years is a conservative holding period, provided no other significant factors contradict the investment intent.
Other advisors recommend that Exchangers hold property for a minimum of at least twelve months. The reason for this is twofold:
(1) A holding period of 12 or more months means the investor will usually reflect it as an investment property in two tax filing years.
(2) In 1989, Congress proposed a one year holding period for both the relinquished and replacement properties. Although this proposal was never incorporated into the tax code, some believe it represents a reasonable minimum guideline.
Unfortunately, there is no easy answer as to how long a property must be held for it to qualify for an exchange, so make sure the intent when the property is acquired, is to hold it for investment purposes.  To be safe, hold it for as long as possible!

Popularity: 17% [?]

Cupertino real estate market and West San Jose real estate market continues to be hot. We still see multiple offers. The supply is much lower than demand.

The property on 1642 S STELLING RD, CUPERITNO sold for 22.2% below asking price. The property on 5194 RHONDA DRIVE, SAN JOSE sold for 23.0% over asking price.

Street Address ,  City Orig List Price - Sale Price    Beds - Baths ,  Bldg SqFt
             
22229 HAMMOND WY ,  Cupertino $3,149,000 - $2,860,000 ( -9.2% ) 5 - 4+ ,  4392
11487 LINDY PL ,  Cupertino $2,395,800 - $2,230,000 ( -6.9% ) 4 - 2 1/2 ,  3980
22031 RAE LN ,  Cupertino $2,350,000 - $2,250,000 ( -4.3% ) 5 - 4+ ,  4727
10580 SAN LEANDRO AV ,  Cupertino $2,250,000 - $2,070,000 ( -8.0% ) 5 - 3 1/2 ,  3602
10670 LARRY WY ,  Cupertino $1,700,000 - $1,650,000 ( -2.9% ) 6+ - 4+ ,  3200
21900 WOODBURY DR ,  Cupertino $1,599,000 - $1,350,000 ( -15.6% ) 3 - 2 ,  1574
22653 WOODRIDGE CT ,  Cupertino $1,498,000 - $1,610,000 ( 7.5% ) 4 - 3 ,  2375
11082 CLARKSTON AV ,  Cupertino $1,468,000 - $1,421,000 ( -3.2% ) 4 - 2 1/2 ,  1944
10895 DRYDEN AV ,  Cupertino $1,450,000 - $1,455,000 ( 0.3% ) 3 - 2 ,  2480
7530 WATERFORD DR ,  Cupertino $1,388,888 - $1,374,750 ( -1.0% ) 5 - 4+ ,  2576
10380 STERN AV ,  Cupertino $1,398,000 - $1,338,000 ( -4.3% ) 4 - 3 ,  1950
21739 TERRACE DR ,  Cupertino $1,350,000 - $1,480,000 ( 9.6% ) 4 - 2 1/2 ,  1890
18460 FARMINGHAM WY ,  Cupertino $1,349,950 - $1,461,000 ( 8.2% ) 4 - 3 ,  2741
21543 TERRACE DR ,  Cupertino $1,329,000 - $1,427,000 ( 7.4% ) 3 - 2 ,  1766
1362 OAK KNOLL DR ,  San Jose $1,395,000 - $1,325,000 ( -5.0% ) 4 - 3 ,  2330
1068 BENTOAK LN ,  San Jose $1,200,000 - $1,325,000 ( 10.4% ) 5 - 2 1/2 ,  2112
912 ROSE BLOSSOM DR ,  Cupertino $1,198,888 - $1,270,000 ( 5.9% ) 4 - 2 ,  1701
7582 KIRWIN LN ,  Cupertino $1,189,950 - $1,265,000 ( 6.3% ) 4 - 2 ,  1568
1151 CORDELIA AV ,  San Jose $1,150,000 - $1,080,000 ( -6.1% ) 3 - 3 ,  2009
10470 GLENVIEW AV ,  Cupertino $1,095,888 - $1,150,000 ( 4.9% ) 3 - 2 ,  1668
20077 LA RODA CT ,  Cupertino $1,089,950 - $1,220,000 ( 11.9% ) 3 - 2 ,  1564
10383 S BLANEY AV ,  Cupertino $1,080,000 - $1,080,000 ( 0.0% ) 4 - 2 ,  1726
7068 CORONADO DR ,  San Jose $1,030,000 - $1,150,000 ( 11.7% ) 4 - 2 ,  1481
22315 RANCHO DEEP CLIFF DR ,  Cupertino $1,025,000 - $1,025,000 ( 0.0% ) 2 - 2 ,  1983
1642 S STELLING RD ,  Cupertino $1,350,000 - $1,050,000 ( -22.2% ) 3 - 2 1/2 ,  1622
7964 WOODLARK WY ,  Cupertino $998,888 - $1,082,000 ( 8.3% ) 3 - 2 ,  1126
19717 AMHERST DR ,  Cupertino $998,000 - $1,060,000 ( 6.2% ) 3 - 2 ,  1550
1168 SCOTLAND DR ,  Cupertino $988,000 - $998,000 ( 1.0% ) 3 - 2 ,  1190
10042 BYRNE AV ,  Cupertino $969,800 - $980,000 ( 1.1% ) 3 - 2 1/2 ,  1616
1048 CORVETTE DR ,  San Jose $938,000 - $971,000 ( 3.5% ) 3 - 2 ,  1133
10460 OAKVILLE AV ,  Cupertino $938,000 -        3 - 2 ,  1374
1010 LANCER DR ,  San Jose $938,000 - $980,000 ( 4.5% ) 3 - 2 ,  1133
1393 STEPHEN WY ,  San Jose $925,000 - $996,000 ( 7.7% ) 3 - 2 ,  1247
22831 STONEBRIDGE ST ,  Cupertino $889,000 - $946,000 ( 6.4% ) 3 - 2 ,  2202
922 BROOKGROVE LN ,  Cupertino $879,000 - $945,000 ( 7.5% ) 4 - 2 ,  1432
5263 LASSEN AV ,  San Jose $875,000 - $875,000 ( 0.0% ) 3 - 2 ,  1544
10894 S BLANEY AV ,  Cupertino $868,888 - $880,000 ( 1.3% ) 3 - 2 ,  1176
10221 PARISH PL ,  Cupertino $868,000 - $886,000 ( 2.1% ) 3 - 2 1/2 ,  1625
20634 GARDENSIDE CI ,  Cupertino $859,950 - $895,000 ( 4.1% ) 3 - 2 1/2 ,  1740
7182 VIA VICO ,  San Jose $848,000 - $850,000 ( 0.2% ) 3 - 2 ,  1296
10160 CALVERT DR ,  Cupertino $797,000 - $760,000 ( -4.6% ) 3 - 2 ,  1562
5043 RIO VISTA AV ,  San Jose $759,888 - $794,000 ( 4.5% ) 3 - 2 ,  1249
4738 ELMHURST DR ,  San Jose $739,000 - $745,000 ( 0.8% ) 3 - 2 ,  1107
21053 RED FIR CT ,  Cupertino $728,888 - $720,000 ( -1.2% ) 3 - 1 1/2 ,  1265
10081 CRAFT DR ,  Cupertino $725,000 - $722,000 ( -0.4% ) 3 - 2 1/2 ,  1596
20488 STEVENS CREEK BL #1503 ,  Cupertino $714,800 - $675,000 ( -5.6% ) 2 - 2 ,  1182
5131 COUNTRY LN ,  San Jose $699,950 - $730,000 ( 4.3% ) 3 - 2 ,  1383
4897 MIRAMAR AV ,  San Jose $699,000 - $650,000 ( -7.0% ) 3 - 2 ,  1193
5194 RHONDA DR ,  San Jose $699,000 - $860,000 ( 23.0% ) 3 - 2 ,  1608
20488 STEVENS CREEK BL #1102 ,  Cupertino $650,000 - $650,000 ( 0.0% ) 2 - 2 ,  1177
4795 LAGO VISTA CI ,  San Jose $649,950 - $670,000 ( 3.1% ) 2 - 2 ,  1350
21084 WHITE FIR CT ,  Cupertino $599,000 - $585,000 ( -2.3% ) 2 - 1 ,  914
20488 STEVENS CREEK BL #1812 ,  Cupertino $568,000 - $562,000 ( -1.1% ) 1 - 1 ,  850
20153 NORTHCREST SQ ,  Cupertino $545,000 - $536,000 ( -1.7% ) 1 - 1 ,  1062

Popularity: 45% [?]

The owner agent of MLS number 754963 is selling his property on 10685 STEVENS CANYON RD, Cupertino 95014. This is a good value Detached Single Family home in Santa Clara County. It has 3 bedrooms and 2 bathrooms. There is about 1650 per Seller on a Lot Size: 12,343 sq ft flag lot. The age of this home is 87 years old and it can be considered a fixer upper. This home is in the wonderful Cupertino schools of Stevens Creek elementry, Kennedy junior high and MontaVista high school. Almost all of the value of this home is in the land. The owner has approved plans for 6,000 sq ft home. There is easy and direct access to highways 280 & 85. Even though the road is a main road the flag lot keeps the home and the yard very quiet. Zillow value for this home is $ 1,129,411 as of 10/01/07.

The average active Properties within on mile of this home are 1542 sq ft at an average price of $ 1,649,000.
Address City List Date Beds Baths SqFt Lot Size List Price 
10148 PRADO VISTA AVE Cupertino 8/14/2007 3 1 1080 0.229 $1,398,888 
21850 EATON PL Cupertino 8/20/2007 4 2.5 1568 0.080 $1,199,888 
21685 OLIVE AVE Cupertino 8/22/2007 3 2 1015 0.120 $1,040,000 
22438 CUPERTINO RD Cupertino 7/31/2007 3 2.5 2450 0.340 $1,498,000 
10170 AMELIA CT Cupertino 6/20/2007 2 1 832 0.150 $990,000 
21851 ALMADEN AVE Cupertino 7/4/2007 3 2 1109 0.228 $1,375,000 
21912 ALMADEN AVE Cupertino 7/30/2007 3 2 1746 0.110 $1,349,950 
21918 LOMITA AVE Cupertino 8/25/2007 2 1 752 0.207 $1,450,000 
11101 CHADWICK PL Cupertino 9/23/2007 4 3 2119 0.170 $1,498,000 
21639 EDWARD WAY Cupertino 9/24/2007 4 2.5 2135 0.140 $1,449,888 
10685 STEVENS CANYON RD Cupertino 10/1/2007 3 2 1650 0.283 $1,249,000 
10276 ORANGE AVE Cupertino 9/20/2007 4 3.5 2500 0.143 $1,880,000 
21988 MCCLELLAN RD Cupertino 8/28/2007 4 2 916 0.520 $2,488,000 
21731 ALCAZAR AVE Cupertino 8/31/2007 2 1 1020 0.350 $1,799,000 
10219 PALO VISTA RD Cupertino 9/5/2007 4 3 2248 0.270 $1,649,000 

Averages     3.2 1.9 1542.67 0.223 $1,487,640  
The average pending properties within on mile of this home are 2087 sq ft at an average price of $ 1,3646,114.
Address City List Date Beds Baths SqFt Lot Size List Price 
10200 BYERLY CT Cupertino 7/24/2007 3 2.5 2252 0.180 $1,399,000 
10008 CALIFORNIA OAK WAY Cupertino 7/3/2007 4 3.5 4201 0.160 $1,799,800 
10121 PASADENA AVE Cupertino 7/2/2007 3 2 1617 0.224 $1,295,000 
11191 SANTA TERESA DR Cupertino 9/10/2007 5 2.5 2421 0.400 $1,369,000 
10237 PRADO VISTA AVE Cupertino 9/7/2007 3 1 1080 0.270 $1,212,000 
10212 DUBON AVE Cupertino 9/4/2007 3 2 1117 0.210 $1,098,000 
22245 CUPERTINO RD Cupertino 9/19/2007 3 3 1926 0.220 $1,250,000 
 
Averages     3.4 2.1 2087.71 0.238 $1,346,114  

The average active Properties within on mile of this home are 1542 sq ft at an average price of $ 1,649,000.
Sold Properties
Address City List Date Beds Baths SqFt Lot Size List Price Sale Price
10181 ADRIANA AVE Cupertino 7/5/2007 3 1 1198 0.230 $928,000 $975,450
21887 SHATTUCK DR Cupertino 6/26/2007 4 3 2119 0.170 $1,499,000 $1,560,000
10145 CAMINO VISTA DR Cupertino 7/17/2007 3 2 1790 0.220 $1,198,000 $1,315,000
10407 AVENIDA LN Cupertino 7/10/2007 4 3 2429 0.250 $1,595,000 $1,535,000
22430 PALM AVE Cupertino 6/13/2007 3 3.5 1975 0.220 $1,449,000 $1,520,000
10178 ORANGE AVE Cupertino 6/6/2007 3 1.5 1015 0.120 $988,800 $995,000
10944 DRYDEN AVE Cupertino 6/26/2007 4 3 2119 0.215 $1,589,000 $1,533,000
10148 PRADO VISTA AVE Cupertino 6/25/2007 3 1 1080 0.220 $1,025,000 $1,212,000
10913 LEAVESLEY PL Cupertino 7/18/2007 5 4 2700 0.240 $1,799,000 $1,770,000
22653 WOODRIDGE CT Cupertino 8/21/2007 4 3 2375 0.142 $1,498,000 $1,610,000
21739 TERRACE DR Cupertino 8/8/2007 4 2.5 1890 0.190 $1,350,000 $1,480,000
10580 SAN LEANDRO AVE Cupertino 9/6/2007 5 3.5 3602 0.220 $2,250,000 $2,070,000
10042 BYRNE AVE Cupertino 8/21/2007 3 2.5 1616 0.050 $969,800 $980,000
22031 RAE LN Cupertino 7/24/2007 5 4 4727 0.280 $2,350,000 $2,250,000
10895 DRYDEN AVE Cupertino 7/23/2007 3 2 2480 0.170 $1,450,000 $1,455,000
21861 SAN FERNANDO AVE Cupertino 8/6/2007 3 2 1327 0.227 $1,155,000 $1,155,000
11487 LINDY PL Cupertino 8/1/2007 4 2.5 3980 0.940 $2,395,800 $2,230,000
 
Averages     3.7 2.4 2260.12 0.241 $1,499,376 $1,508,555

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