Strategy, markets & tax-deferral thinking.
Clear, practical perspective on 1031 exchanges, DSTs, and building durable real estate wealth — written for owners and investors, not specialists.
What "like-kind" actually means, and five things people get wrong about it
No, your replacement property does not have to be the same type as what you sold. "Like-kind" is the most misunderstood phrase in the 1031 world, and the misunderstandings quietly cost people good deals.
Building your replacement property with exchange dollars: the improvement 1031, explained
What if the perfect replacement property doesn't exist yet, but the land for it does? An improvement exchange lets you build it with your deferred gain. The catch is a 180-day construction clock that humbles ambitious plans.
Want cash out of your real estate without the tax? Refinance after the exchange, not before
Borrowing against a property isn't taxable, which makes a cash-out refinance the cleanest way to free up equity. Do it on the eve of your exchange, though, and the IRS may call that cash boot.
Keeping it in the family: the two-year rule that can unwind a related-party 1031 exchange
Exchanging property with a family member or an entity you control is allowed, and it's a minefield. The two-year holding rule, the basis-shifting trap, and the one arrangement the IRS reliably respects.
When a 1031 exchange is the wrong move: five times we've told clients to just pay the tax
We run 1031 exchanges for a living, which is exactly why we'll tell you when to skip one. Deferring tax isn't free, and sometimes paying it is the smarter play. Five times we've said so out loud.
Drop and swap: what happens when the partners want out in different directions
Two partners, one building, and no longer the same plan. One wants cash, one wants to keep deferring. The 1031 rule that blocks them both, and the maneuver that sets them free.
Buy first, sell later: how a reverse 1031 exchange actually works
You found the right building before you sold the old one. A reverse exchange flips the usual order and keeps your gain deferred, if you can clear two hurdles most people never see coming.
Opportunity zones or a 1031 exchange? How to actually choose
They both defer capital gains tax, and that is roughly where the similarity ends. A straight comparison of two tools that get pitched as interchangeable and almost never are.
The 721 exchange: trading your DST for REIT units, and the door that only opens one way
For the investor who is truly finished making real estate decisions, a 721 UPREIT can be the last move: diversification, liquidity, no more deadlines. It also closes a door behind you. Walk through it with your eyes open.
California's clawback: how the state keeps taxing a property you already exchanged away
You exchanged out of California and into a property two states away. You did everything right. California still expects a form from you every year, and a check when you finally sell. Here's the rule nobody mentions at closing.
Choosing a Qualified Intermediary: the decision that happens before your exchange even starts
Qualified Intermediaries hold your exchange proceeds and aren't federally regulated. The wrong choice has cost investors their entire exchange. What to ask before you sign the agreement.
DST due diligence: 7 questions to ask any sponsor
DST volume is up sharply as more investors choose passive replacement property. More inventory means more sponsors, and not all of them belong on your 45-day list. Seven questions that separate them.
Swap 'til you drop: how 1031 deferral becomes permanent savings
Deferred taxes don't have to come due. How serial exchanges plus the step-up in basis can pass a lifetime of real estate gains to your heirs with the tax bill erased.
Depreciation recapture: the tax nobody budgets for
Every year of depreciation you deducted comes back at sale, taxed at up to 25% before capital gains even start. Why long-hold owners get surprised, and how an exchange defers it all.
Boot in a 1031 exchange: what it is, how it's taxed, and how to avoid it
Leftover cash or reduced mortgage debt can make part of your "fully deferred" exchange taxable. What boot is, how the IRS taxes it, and the planning discipline that eliminates it.
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Occasional, substantive notes on tax-deferral strategy and replacement-property trends. No noise.