James M. Gudenau has been with Comerica since 2001 and played a key role in launching the bank's 1031 Exchange Services group in 2002. He has managed this group since 2004. In 2009, he transitioned to the Special Corporate Financial Services group, where he serves as the primary escrow officer for the Midwest and East Coast, focusing on expanding the bank's 1031 Exchange and escrow portfolios in these regions. He is currently the national team lead for all 1031 exchanges handled at Comerica.
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Essential reading for anyone planning a like-kind exchange. Discover how to navigate capital gains and 'boot' in a 1031 exchange with our comprehensive guide. Learn what constitutes taxable boot, including cash and mortgage scenarios, and strategies to minimize tax implications.
Established in 1921, 1031 Exchanges have evolved through key legal cases and legislative changes, including the introduction of delayed exchanges, stricter timelines, and rules for holding exchange funds. Despite these changes, the core purpose remains to incentivize real estate investment and market growth.
A 1031 exchange can be an incredible tool for real estate investors to reduce their tax liability. We demystify the rules required to qualify and successfully complete a like-kind exchange.
