Old Property Assumptions and Parameters

Current FMV

Current estimated sales price of the old property

Current basis

Old Property purchase price plus improvements

Current debt amount

Current debt amount

Income, % of net equity

This is the percentage of income earned on the Old Property based on the equity. Equity is the FMV less the debt.

Depreciation window

Commercial real estate is 39 years, residential real estate is 21 years. Other types of assets typically have shorter windows

Percentage of basis suject to depreciation

For real estate, the rule of thumb is that 20% of the basis is allocated to land and therefore not subject to depreciation

Tax rate, combined

The combined Tax rate (%)


New Property Assumptions and Parameters

Anticipated purchase price

This is the purchase price of the New Property

Debt amount

Debt amount

Income, % of net equity

Assume same income potential

Equity

Assume equity is equal to the exchange proceeds from the Old Property sale

Tax rate, combined

The combined Tax rate (%)


Delayed Exchange Parameters

Exchange fee

This is the fee charged by a QI to facilitate the delayed exchange

Interest rate on proceeds

This is the rate of interest paid by the QI while it holds the exchange proceeds

Expected months to acquire New Property

Expected months to acquire the new property


Reverse Exchange Parameters

Exchange fee

This is a typical fee for a reverse exchange of normal complexity

Expected months to sell Old Property

Expected months to sell the old property


Delayed Exchange Economics

Net income on New Property

There is no New Property during a Delayed Exchange

Net income on Old Property

The Old Property has been sold to its buyer

Less exchange fee

Less exchange fee


Reverse Exchange Economics

Interest earned on proceeds

Typically, there are no exchange proceeds in a reverse exchange

Less exchange fee

Less exchange fee


Old property - Income (monthly)
Old property - Depreciation (monthly)
Old property - Tax
Old property - Net Income (monthly)
New property - Return on equity (monthly)
New property - Depreciation (monthly)
New property - Tax
New property - Net income
Interest earned on proceeds
Total income, Delayed Exchange
Net income on Old Property
Net income on New Property
Less cost of funds
Loss of depreciation, Ex. First
Loss of depreciation, Ex. Last

Total income, Exchange First
Total income, Exchange Last