Riley Bishop shares how he helped his real estate investor clients save $200,000 in capital gains taxes:
“In November of 2020 we were contacted by a husband and wife insurance team in Northern California who was looking to retire and sell their commercial real estate in the area. They wanted to replace the cash flow they were receiving from the building, but did not want to face tax consequences from selling the building. We were able to help them execute a 1031 exchange in which we exchanged their commercial building for four single-family homes in the Chandler and Gilbert area. Single-family home supply was very, very low. The four properties they ended up purchasing represented about 15 to 20 percent of the total available homes. We wrote approximately 40 offers to tie down these four properties, but we were successful in acquiring them allowing them to avoid roughly $200,000 in capital gains.”
