Solas Real Estate knows how important it is for continued education for our clients, investors, colleagues and investors. Because of this, we hosted a private lecture featuring two tax investment experts specializing in 1031 Exchanges, Opportunity Zones and other newly regulated federal tax incentives programs. Partnering with Chicago Title Representative Kristopher Baker, Solas welcomed IPX 1031 Senior VP Craig Brown Esq. and VP Patrick Noonan to Oklahoma City University School of Law for the two-hour lecture.
“Keeping our associates, investors and industry friends up-to-date on all investment advantages is vital to Solas staying ahead of national trends, giving the advice and guidance needed to develop and further advance the Oklahoma City real estate community as a whole,” said Solas Co-Founder and Partner Chad Khoury. “Craig and Patrick are known around the country for being real estate tax experts, and their advice is crucial to anyone looking to get the most return for every hard-earned dollar invested in real estate.”
Brown and Noonan laid out the importance of looking at real estate from all angles – not just buying and selling property.
“Two things to think about in Opportunity Zones is the ownership of real estate in Opportunity Zones, but also ownership of Opportunity Zone businesses,” says Brown.
“On your contract where your clients are purchasing replacement property in a 1031 exchange, it’s very important that you’re vigilant about putting in some type of cooperation clause. When a taxpayer sells a property it is extraordinarily rare that the contract will limit the seller’s right to assign their rights.”
One central point often overlooked with tax deferral opportunities is the timing and diligent planning of tax deferrals.
“You can set up the exchange prior to an acquisition, and give yourself the extra time period to develop your bigger projects. A lot of time it’s a challenge to get all the work done in 180 days or spend the amount of money that they need to defer in order to get to their 100% deferral in 180 days. That’s a challenge. But, if you get ahead of it, now you know about it, so you can tell your customer about it,” says Noonan.
Want to work for or with a dynamic team of Oklahoma City-based real estate investment advisors? Get in touch with Solas and let’s talk about what opportunities lie ahead of you.