Michelle Fitzpatrick - Leveraging in 1031 Exchange

<p style="margin-top: 0in;"><strong><span style= "font-family: 'Arial','sans-serif';">Key Takeaways</span></strong></p> <p style="margin-top: 0in;"><span style= "font-family: 'Arial','sans-serif';">1031 exchanges can help preserve profits and accelerate wealth building.</span></p> <p style="margin-top: 0in;"><span style= "font-family: 'Arial','sans-serif';">Honesty and clear communication are essential in business and personal relationships.</span></p> <p style="margin-top: 0in;"><span style= "font-family: 'Arial','sans-serif';">Real estate can be a powerful investment tool, allowing for property growth and financial leverage.</span></p> <p style="margin-top: 0in;"><span style= "font-family: 'Arial','sans-serif';">As a bank-owned qualified intermediary, Northern 1031 Exchange provides a sense of security and safety.</span></p> <p style="margin-top: 0in;"><span style= "font-family: 'Arial','sans-serif';">1031 exchanges defer taxes but do not eliminate them, with the ultimate goal being a stepped-up basis for heirs upon inheritance.</span></p> <p style="margin-top: 0in;"><span style= "font-family: 'Arial','sans-serif';">Diversifying investments in different types of real estate can be more beneficial than cashing out and paying taxes.</span></p> <p style="margin-top: 0in;"><span style= "font-family: 'Arial','sans-serif';">Primary residences and personal property are excluded from 1031 exchanges but may qualify for tax exemptions.</span></p> <p style="margin-top: 0in;"><span style= "font-family: 'Arial','sans-serif';">The IRS recaptures depreciation taken at 25%, making a 1031 exchange a more favorable option to defer taxes.</span></p> <p style="margin-top: 0in;"><strong><span style= "font-family: 'Arial','sans-serif';">Timeline</span></strong></p> <p style="margin-top: 0in;"><span style= "font-family: 'Arial','sans-serif';">[00:45] Intro to Podcast</span></p> <p style="margin-top: 0in;"><span style= "font-family: 'Arial','sans-serif';">[03:00] Intro to episode guest</span></p> <p style="margin-top: 0in;"><span styl