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Mark Goodman Commercial Partners Title, LLC is dedicated to providing unparalleled customer service, commercial title insurance solutions, and creating great relationships. It is vital that we continue to find ways to execute on these promises to our clients; and with the advancement of social media, we believe we can take our values and ideals to a new level.

Please take some time to revisit our website and take advantage of our social media presence.

I hope you find our blog to be informational and educational. We want to continue to be your Experts in commercial title insurance.

I welcome your feedback.

Cordially, Mark

April 23, 2018 by Jeff Peterson Leave a Comment

How to Avoid Capital Gains Taxes when Selling Real Estate

No one enjoys paying capital gains taxes when selling real estate. Thankfully, there are several tools available to US taxpayers for deferring or avoiding these capital gains taxes. In this article, we are going to discuss a few ways to avoid capital gains taxes on the sale of real estate.

1031 Exchange

Perhaps the best tool for avoiding capital gains taxes is the 1031 exchange. Under section 1031 of the Internal Revenue Code, a taxpayer is able to defer their capital gains taxes on the sale of real property so long as they roll those proceeds into a bigger property. There are numerous other benchmarks that need to be met, but when done properly, a 1031 exchange can result in 100% capital gains tax deferral.

Alternative Options

If, for some reason, you can’t do a 1031 exchange on your property, you still have some potential alternative strategies, including:

Claiming a Principal Residence Exclusion
Deferred Sales Trust
Gifting Property

Defer Your Capital Gains Tax

If you are looking to defer your capital gains tax on the sale of real estate (and who isn’t), consider a 1031 exchange. At Commercial Partners Exchange Company, our qualified intermediaries have more than twenty years of experience helping taxpayers across the country with their real estate exchanges. We can help you through every step of the exchange process – from start to finish. Reach out to us today to set up your 1031 exchange and defer your capital gains taxes.

April 19, 2018 by Jeff Peterson Leave a Comment

How to Build Wealth with a 1031 Exchange

1031 exchanges are a great vehicle for building wealth, but many investors aren’t aware of the wealth-building benefits of the like-kind exchange. In this article, we’re going to discuss how to build wealth with 1031 exchanges of real estate.

It’s All About Keeping Your Money Active

At the end of the day, building wealth is about keeping your money working for you in an active investment.

When you sell a piece of commercial real estate, you are responsible for paying the necessary capital gains taxes on that sale. But wouldn’t it be better to avoid writing that check to Uncle Sam and instead rolling those sales proceeds into a new property? That’s exactly what a 1031 exchange does for you. It helps you avoid a big tax windfall and keeps your money compounding and building wealth over time in a continued investment. Who wouldn’t want that?

1031 exchanges exist in the Internal Revenue Code to encourage investment. Deferring capital gains taxes on the sale of real estate is a pretty sweet deal, and the IRS allows it as long as you meet the required benchmarks for 1031. This benefits the economy as a whole, as well as the individual taxpayer conducting the exchange who gets to watch their money continue to build wealth instead of cutting a check for the tax on the sale.

Qualified Intermediaries in Minnesota

We partner with the skilled qualified intermediaries at Commercial Partners Exchange Company to provide our clients with top-notch 1031 exchange services when needed. The intermediaries at CPEC1031 have been facilitating exchanges for more than two decades in Minnesota and across the country. If you are interested in learning more about how you can save money on the sale of real estate, contact us today at our downtown Minneapolis office to learn more about the 1031 exchange process.

April 17, 2018 by Mark Goodman Leave a Comment

More Title Insurance Seminars we Offer

In a previous article, we touched on some of the title insurance seminars we offer at Commercial Partners Title. In this article, we are going to talk about a few more title insurance seminars we offer.

Vacated Streets & Alleys

This seminar looks at the complex issue of “Who owns the Street” in a variety of situations. We address the question of who gets the extra property when a street or alley is vacated. We also cover how to address adding this property to a Certificate of Title when dealing with Torrens Property.

Do you Need a Proceeding Subsequent or is an Examiner’s Directive Sufficient?

This seminar provides a more in depth look at resolving title issues that arise post-registration. We discuss types of issues and possible methods of resolution, including a breakdown of which method works best to resolve different types of problems.

A Closer Look at Surveys

Intended for those who use surveys on a regular basis, this seminar is presented in an open discussion format. Get answers to all the questions you’ve wanted to ask about how to read surveys, how to discern critical information, and how to know what to expect from different types of surveys.

Who owns that Tax Forfeited Land and Why?

This seminar provides insight into the historical reasons that Tax Forfeited Land raises question of ownership post-forfeiture. It also looks at issues that arise with Tax Forfeited Land, and gives an overview of what remedies are available to clear title.

Commercial Title Experts

At Commercial Partners Title, we have more than three decades of experience in the commercial title industry. In Minnesota and across the country, we are recognized as experts in the field of title insurance. Our team of title closers, underwriters, escrow agents, and more can help you through every step of the commercial title insurance process – from start to finish. Contact us today (our office is located in downtown Minneapolis) and speak with one of our team members about your commercial real estate transaction.

April 16, 2018 by Jeff Peterson Leave a Comment

How to Find a Great Qualified Intermediary

Many taxpayers are interested in doing a 1031 exchange but don’t know how to find a great qualified intermediary. In this article, we are going to offer some tips for finding a great qualified intermediary for your 1031 exchange of real estate.

Ask For a Referral

An excellent place to start is with your close circle of family and friends. Ask around to see if anyone you know has done a 1031 exchange before. If so, they may have a good recommendation for you.

Do Some Research

If you can’t get a referral, take to the Internet and do some research. Do a Google search for “Qualified Intermediary” or “1031 Exchange Company” in your area and you should find numerous options. Then it’s a matter of doing your due diligence. Check out each intermediary’s website and get to know them a bit better. See if they have any reviews from previous clients, and make sure they do the type of work you’re looking for.

Third-Party Listings

Checking out an intermediary’s website is great, but for a less biased look, check out their reviews on third-party listings like Google. This will give you a better sense of what clients think about the intermediary.

Get Help with Your 1031 Exchange

If you are considering a 1031 exchange of your real property, don’t go it alone! Contact an experienced qualified intermediary who can help you through the ins and outs of the 1031 exchange process. There are many traps that can trip up 1031 exchangors, and an intermediary is your best defense against these. Your QI can also draft all of your required documents and answer any questions you may have. Contact us today at our office in downtown Minneapolis to learn more about the tax-saving perks of a real estate exchange.