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Tax-Deferred Exchange

by SCOTT VOAK

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So, you have a property that you’re tired of but have a lot of profit in and don’t want to pay taxes. While you can take out a loan tax-free, selling the property triggers capital gains taxes – as well as depreciation clawback (you have to pay taxes on all the depreciation write-offs you took while you owned the property). But if you can find another property to invest in, you can do a tax-deferred exchange, more commonly called a 1031 Exchange or just a 1031.

A 1031 allows you to sell one property and purchase another without paying capital gains taxes. There are lots of rules, and if you are interested, I would be happy to recommend an advisor (called an Exchange Accommodator) for you, but here are some basics: • You cannot take possession of the proceeds of the sale. They have to go to the Accommodator. • You have 45 days after you close your sale to identify up to three properties (or more, as long as the total value is less than 200% of the property you sold).

• The purchase of the new property must be completed within 180 days of the sale of the first property. • You may purchase more than one property, and you have to reinvest 100% of the proceeds from the sale, or you will owe taxes on the amount not reinvested.

There is also a way to exchange an investment property for a property that you then convert into a primary residence. However, this takes some time and must be done with the help of a qualified professional. ¢

SCOTT VOAK MBA – Broker Managing Partner CA DRE #01153157

888-311-6311 Scott@VoakHomes.com 16745 W. Bernardo Dr. #200 San Diego, CA 92127

RECENT SALES ACTIVITY

FOR THE MOST COMPREHENSIVE LIST OF PROPERTIES SOLD WITHIN THE LAST SEVERAL YEARS, VISIT 92127MAGAZINE.COM

Information is compiled from a variety of databases and published by Susco Media Inc. for entertainment purposes only. Reproduction is strictly prohibited. Sales statistics are not affiliated with or provided by any participating advertiser or real estate professional contained in this publication. Properties contained in this list and online were sold by a variety of real estate brokers. Information considered reliable, but not guaranteed. Please check with a licensed real estate professional for more information. Not all sales are listed. ADDRESS BEDS BATHS EST SF PRICE ADDRESS BEDS BATHS EST SF PRICE 8501 Christopher Ridge Terrace 3 3 2,302 $730,000 16923 Blue Shadows Lane 3 3 3,054 $1,256,652 16755 Coyote Bush Drive 60 3 4 1,885 $731,900 8146 Santaluz Village Green N 3 3 2,180 $1,325,000 7935 Lusardi Creek 2 2 1,276 $740,000 15079 Aramon Place 4 3 2,813 $1,325,000 9732 Fieldthorn Street 3 3 1,581 $743,000 16787 Santa Corina Court 4 4 3,629 $1,329,900 11483 Luz Road 3 3 1,819 $743,000 7965 Purple Sage 4 4 3,878 $1,350,000 16851 Abundante Street 4 3 2,112 $773,000 16113 Palomino Valley Road 5 5 4,632 $1,389,000 16608 Honeybrook Avenue 3 3 2,043 $792,000 8169 Santaluz Village Green S 3 4 2,900 $1,425,000 15543 New Park Terrace 3 3 1,785 $795,000 8107 Lazy River Road 5 5 3,585 $1,445,000 16116 Paseo Del Sur 4 3 1,867 $798,000 17246 Turf Club Drive 3 4 3,054 $1,450,000 17937 Myrica Lane 4 3 2,338 $807,000 7797 Doug Hill 4 5 3,582 $1,470,000 11348 Duenda Road 4 3 2,142 $810,000 7977 Purple Sage 6 7 4,731 $1,495,000 15563 Canton Ridge Terrace 3 3 1,785 $815,000 16367 Streamwood Court 4 5 3,673 $1,505,000 11591 Alborada Drive 4 3 2,170 $842,000 7863 Entrada Angelica 3 3 2,924 $1,557,000 16755 Coyote Bush Drive 1 4 4 2,173 $849,000 8604 Herrington Way 5 5 4,524 $1,600,000 15756 Paseo Del Sur 3 3 2,479 $855,000 9124 Bernardo Lakes Drive 4 5 4,105 $1,610,000 17783 Arawak Court 4 3 2,556 $950,000 14271 Caminito Lazanja 4 5 4,260 $1,625,000 16145 Veridian Circle 4 3 2,554 $961,000 17150 Tallow Tree Lane 5 6 5,128 $1,699,000 16914 Silver Pine Court 4 4 2,733 $965,000 16493 Edgehill Road 5 6 4,399 $1,715,000 15578 New Park Terrace 3 3 2,861 $968,000 16368 Winecreek Road 5 6 4,854 $1,755,000 17352 4S Ranch Parkway 4 3 2,797 $1,035,000 7916 Top O The Morning 5 6 5,253 $1,793,750 15929 Babcock Street 4 3 2,690 $1,070,000 8145 Silverwind 4 5 5,162 $1,852,274 7968 Lusardi Creek Lane 3 3 2,067 $1,085,000 9671 Lario Lane 5 6 5,303 $1,865,000 8281 Austin Hill Court 5 4 3,000 $1,105,000 8031 High Time Ridge 3 5 4,095 $1,900,000 10222 Sienna Hills Drive 5 4 3,574 $1,106,000 8354 The Landing Way 4 5 4,795 $2,056,500 7678 Via Vivaldi 4 4 3,038 $1,112,000 8151 Caminito Santaluz Sur 5 6 4,854 $2,200,000 10232 Paseo de Linda 6 5 3,823 $1,150,000 7640 Iluminado 5 6 6,893 $3,225,000 16790 Santanella Street 5 4 3,540 $1,230,000 Visit www.92127magazine.com for a complete list of homes sold in 92127.

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