The Doctor
A doctor friend faced a dilemma with a building he had purchased many years ago, having outgrown its capacity for his expanding practice. In the need to sell and construct a new, more expensive building, he encountered the challenge of a significant down payment requirement and potential tax liabilities upon selling his existing property. Introducing him to the concept of a 1031 real estate exchange, I guided him through the process, enabling him to sell the building, transfer all proceeds to the new one, and avoid taxes. This provided him with a substantial down payment, and he successfully operated his practice from the new facility for two decades. He still owns the building and leases it to a local hospital.
