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1031 Exchange – Learn How to Sell Your Las Vegas Rentals Without Taking a Tax Hit

By Utopia Property Management

Are you planning on selling your Las Vegas Rentals but are concerned about taking a tax hit? Thankfully, you can sell your rental properties without taking a tax hit by using a 1031 Exchange.

What Is A 1031 Exchange?

A 1031 Exchange gives you the ability to sell your rental/s in Las Vegas and buy similar assets while deferring the capital gains which you would normally pay after the transaction is complete.

Yes, a 1031 Exchange is a great way to defer paying taxes, but the truth is that in order to use one you have to purchase a property which can be defined as “like kind”, meaning a replacement property that’s equal to the same value as the one that you are currently selling.

Tips for the 1031 Exchange Process

Closing Costs – When doing a 1031 Exchange, you must be careful about how you pay closing costs because you can’t use the proceeds from the closing of property #1 to pay for property #2.

Verify Who Is on The Title – Your name must be on the title because most mortgage lenders will not make loans to LLC’s, a partnership, or a revocable trust.

Don’t Misrepresent the Status of The Property – Although you may be tempted to pass off the property as your primary residence, you shouldn’t misrepresent the property status, because this could hurt your ability to get your loan funded.

Follow The 180 Day Deadline – During the process of a 1031 Exchange, it’s important for you to remember that with the IRS there are no second chances or excuses, so it’s best to follow their 180-day deadline for closing on a new “like kind” property or you may lose the tax savings that come with a 1031 Exchange.

Learn More 

To learn more about 1031 Exchanges, or for Las Vegas Property Management tips, contact Utopia Property Management at (702) 745-1111 or connect with us online.

Elly Johnson stands at the forefront of content research and online branding at Utopia Management. As the Content Marketing Manager, she delves deep into understanding local real estate and rental markets, fueled by her passion for travel and keen research skills. Elly is dedicated to empowering individuals with the knowledge they need to make informed decisions about where to reside. A proud alumna of the University of South Florida, located in the vibrant heart of Tampa Bay, she holds a Bachelor of Arts in Psychology. Her academic background and extensive travel experiences uniquely position her to provide insights that resonate with diverse audiences.

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