Sean Woody is the Managing Member of Red Rock 1031 and a Certified Public Accountant licensed in North Carolina and Washington State since 1998. He has 13 years of experience in public accounting, working with investors and business owners on exchanges. Sean is also an active real estate investor, holding properties since 2004, including commercial property and single-family homes. His career includes executive roles such as CEO, COO, and CFO in various industries, and he spent four years at Microsoft as a Portfolio Manager for Xbox LIVE and Business Manager for 343 Industries. Sean began his career at Ernst & Young LLP in Seattle, serving notable clients like Amazon.com and Recreation Equipment Inc. He is an honors graduate of the University of Washington, completing his degree in just over two years after serving as a Staff Sergeant in the U.S. Marine Corps, where he received 23 commendations and was a Gulf War veteran awarded the Southwest Asia Service Medal with two stars.
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Essential reading for anyone planning a like-kind exchange. Discover how to navigate capital gains and 'boot' in a 1031 exchange with our comprehensive guide. Learn what constitutes taxable boot, including cash and mortgage scenarios, and strategies to minimize tax implications.
Established in 1921, 1031 Exchanges have evolved through key legal cases and legislative changes, including the introduction of delayed exchanges, stricter timelines, and rules for holding exchange funds. Despite these changes, the core purpose remains to incentivize real estate investment and market growth.
A 1031 exchange can be an incredible tool for real estate investors to reduce their tax liability. We demystify the rules required to qualify and successfully complete a like-kind exchange.
