1031 Exchanges and an Intro to Drones
We learn about the advances in drone technology with the guys from Flying AG and how the best help a farmer boost profitability. We then chat with David Brown about 1031 exchanges. We learn how this tax/investment tool has help generations of farmers grow their legacy for the generations to come.
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What’s Working in AG
- Flying Ag Drone Supply
- use code FARM4PROFIT for a free battery with your order - expires 2/1/2021
- 10-31 Exchanges
- When people own property. What 4 options do they have with that property?
- What are the benefits of Section 1031?
- Can anyone use a 1031 exchange?
- By using 1031 exchange, how could this affect my tax position?
- We learned in our conversation with the SPA that the Capital Gains tax rate is largely unchanged. This creates a substantial tax saving opportunity.
- 1031 exchanges can be used for real property only, what does that mean?
- Can you exchange a farm for an apartment building or a lake house?
- Rental property, Farms, Office, Retail space, warehouse, mini storage, vacant land, golf course, vacation home, partial interests
- OK, so for farms, What all does that include?
- Livestock buildings, grain bins, tile, timber, pipelines, wind turbines, cell towers
- You have our attention. What does this process look like?
- QI, identification, acquisition, closing
- What are some examples of how you have seen 1031 exchanges work?
- What are some common mistakes you have seen to where this won’t work?
- Or what are pitfalls to avoid?
- Is there such a thing as a reverse 1031 exchange?
- How does section 1031 get sticky with related parties?
- What is a common trait or characteristic that you have seen among the most successful people you know?
- Anything else you’d like our listeners to know?
- Contact info
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