1031 Tax Exchanges
Are you thinking about selling a business or investment property?? If you are, the first thing you will want to do is consult with your tax or financial advisor. A 1031 Tax Exchange may be the way you want to proceed. A 1031 Tax Exchange may help you defer your capital gains tax.
One very important issue in a 1031 Tax Exchange is – DON’T TOUCH THE MONEY!! You will need a qualified Intermediary. This Intermediary will actually hold any proceeds from your sale and assist you with the necessary paperwork.
Follow these three easy steps:
1. Before you close on the sale of the first property you must complete
the documentation prepared by the Intermediary.
2. You have 45 days after the closing on the first property to identify
a replacement property. Generally, you may “identify” as many
of 3 properties.
3. You must actually purchase one of these “identified” properties
within 180 days of the closing on the first property.
For more details about 1031 Tax Exchanges you may consult the following Intermediaries:
1. Jeff Johnston at Timcor Exchange Corp – www.timcor.com,
866-350-1031
2. Matt Linville, Bayview Financial – www.bayview1031.com,
866-903-1031