Asset Preservation by Deferring Capital Gains Tax
Bill Angove is all about asset preservation by deferring capital gains tax. He was my guest on Money 2.0 to talk about the work he does at Asset Preservation, Inc., where he is the Vice President. Asset Preservation specializes in helping clients defer capital gains tax using a 1031 Exchange.
No business owner enjoys paying more tax than necessary. Bill gives background on the 1031 Exchange, which he explains is a piece of the IRS code that has existed since 1921. He says anyone selling an investment property can use the 1031 exchange. Bill gives general examples of the types of 1031 exchanges. He also notes that sometimes they advise clients that it is too late or not the best fit for a client to do a 1031.
Bill says their consultants at Asset Preservation Inc. walk clients through the entire process to help them understand the options. He says there is some flexibility with 1031s; however, it is good to understand your options early on, as there are timelines that must be respected.
Learn more about how to Strategically Defer Capital Gains Tax when Selling Your Business in California