Contra Costa California Exchange Agreement for Real Estate
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FAQ
Astute real estate investors have also known that they can roll out of an investment property thru a 1031 Exchange and replace with a qualifying residential real estate investment property They then rent it out for a year or so (exchange professionals recommend at least one year) before moving into it.
Real Estate Transfer Tax: Total: $1.10/per $1,000 property value (comprised of City Rate: $0.55/per $1,000 property value plus County Rate: $0.55/per $1,000 property value). Landlord Business License: City of Concord requires a business license for commercial and residential landlords renting four (4) or more units.
The Drop and Swap term Drop and Swap is a term used to describe the process of dropping out of a partnership or membership interest of a limited liability company (LLC) into an ownership interest in investment real estate and then exchange or swap for new investment real estate.
A drop and swap is a practice allowing a subset, or portion, of a partnership or LLC to engage in a 1031 exchange without the need for all parties to do a 1031 exchange.
Drop and Swap and Swap and Drop: Drop and Swap transactions are when a Partnership distributes the Relinquished Property to the partners shortly before the exchange and Swap and Drop transactions are when the Partnership distributes the Replacement Property to the partners shortly after the exchange.
California counties that allow intercounty base value transfers: Alameda, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Mateo, Santa Clara, Tuolumne, and Ventura. Since these counties are subject to change, we recommend you contact the county to which you wish to move to verify eligibility.
A 1031 exchange gets its name from Section 1031 of the U.S. Internal Revenue Code, which allows you to avoid paying capital gains taxes when you sell an investment property and reinvest the proceeds from the sale within certain time limits in a property or properties of like kind and equal or greater value.
Contra Costa County Contra Costa's transfer tax rate is $0.55 per $500 consideration ($1.10 per $1,000).
The seller usually pays for the county transfer tax. The base transfer tax in Contra Costa and other California counties is $1.10 for every $1,000 of the home's value. (Example: On a $500,000 home, the transfer tax would be 500 x 1.10 for a total of $550.)
In real estate, a 1031 exchange is a swap of one investment property for another that allows capital gains taxes to be deferred.