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Whenever 1031 Exchange is mentioned, there a few questions
that come to mind...
What is a 1031 Exchange?
What kind of properties qualify
for a 1031 Exchange?
How do you make a 1031 Tax-Deferred
Exchange?
What is a 1031 Exchange?
Simply stated, a 1031 Exchange is a exchange of a similar
kind of property made during a certain time period in
order to defer the payment of taxes. Under Section 1031
of the United States Internal Revenue Code, taxpayer
who wishes to defer his/her taxes may sell their property
and purchase a replacement property of any kind with
the proceeds of the sale as long as: 1) The Exchanger
may identify of three (3) replacement properties without
regard to the fair market value of the properties. 2)
The Exchanger may identify any number of properties,
so long as the aggregate fair market value of the identified
properties does not exceed two hundred percent (200%)
of the aggregate fair market value of the relinquished
properties or 3) The Exchanger may identify any number
of properties without regard to the aggregate fair market
value so long as exchanger receives ninety five percent
(95%) of the aggegate fair market value of all identified
replacement properties, prior to the end of the one
hundred and eighty day period. The tax payer has 45
days after the settlements to find a replacement property
and 180 days (or before taxes are due that year) to
acquire the property. The benefit of deferring the taxes
would be to make your money work for you and purchase
more investment property.
What kind of properties qualify for a 1031 Exchange?
Any property held for productive use in a trade or business
or for investment can be exchanged for like-kind property.
Like kind refers to the nature of the investment. Any
type of investment property can be exchanged for another
type of investment property. A single family residence
can be exchanged for a duplex. Raw land for a shopping
center. An office for apartments. Any combination will
work. This gives the exchanger flexibility to change
investment strategies to fulfill their needs.
How do you make a 1031 Tax-Deferred Exchange?
First and foremost, we suggest you seek the advice of
a Tax Attorney or Accountant. The purpose of this web
site is to report on the availability of the 1031 Tax
Deferment and to assist you in the sale and purchase
of your property. The basic steps of the process are
as follows: 1) Find someone to act as a qualified intermediary
(also called a facilitator). This person or entity takes
possession of the proceeds from the sale of your property,
uses the funds to purchase the new property, then transfers
title of the property to you. The resources in the box
to the right will help you find companies who specialize
in this service. The IRS guidelines contain more information
about who can and cannot act as your intermediary. 2)
Your contract to sell or purchase real estate must contain
wording that shows an intent to perform a 1031 exchange.
A real estate attorney or your qualified intermediary
can help you with the wording. 3) You, or your agent,
should send the intermediary a copy of the sales contract
and any other information they require. 4) If you haven't
already done so, identify replacement property. You
have 45 days from closing on the relinquished property
to identify up to three replacements. Your list must
be sent to the intermediary in writing. The IRS offers
no flexibility on this time period. 5) The closing date
for the new property must take place within 180 days
of the closing on the relinquished property. 6) You,
or your agent, should stay in contact with the intermediary,
keeping them advised regarding closing dates. They will
be responsible for most of the paperwork associated
with the exchange, and may have specific lead-time or
other requirements for each step of the process.
Disclaimer: Laws & Rules can change Please contact
a professional Tax or 1031 Exchange Company for up to
date Laws & Rules.
For
Great Investments Tips And Information
Click Here
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