Call now to find how: 678-495-1860

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  • WHY CHOOSE US
  • TAX DEFFERED EXCHANGE HP
  • VESTING IN A 1031
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  • EXCHANGE DESIGNATION RULE
  • How Long Is Money Held QI
  • RELATED PROPERTY
  • BEFORE YOU EXCHANGE
  • More
    • Home
    • WHY CHOOSE US
    • TAX DEFFERED EXCHANGE HP
    • VESTING IN A 1031
    • Contact Us
    • EXCHANGE DESIGNATION RULE
    • How Long Is Money Held QI
    • RELATED PROPERTY
    • BEFORE YOU EXCHANGE

Call now to find how: 678-495-1860

  • Home
  • WHY CHOOSE US
  • TAX DEFFERED EXCHANGE HP
  • VESTING IN A 1031
  • Contact Us
  • EXCHANGE DESIGNATION RULE
  • How Long Is Money Held QI
  • RELATED PROPERTY
  • BEFORE YOU EXCHANGE

BASE COMPANY, INC

BASE COMPANY, INCBASE COMPANY, INCBASE COMPANY, INC

REAL ESTATE EXCHANGE SERVICES

REAL ESTATE EXCHANGE SERVICES REAL ESTATE EXCHANGE SERVICES

What is a 1031 Exchange?

 A 1031 exchange is an excellent tool  available to owners of investment real estate. Section 1031 of the  Internal Revenue Code states, in effect, that upon the sale of an investment property or  real property used in a trade or business, the owner can use the funds  from the sold property to purchase a similar, or "like-kind" property,  and thus not be liable for capital gains taxes on the proceeds from the initial property. To complete a 1031 exchange, there are some basic rules that must be followed.

The  "like-kind" property must be identified within 45 days of the closing  on the initial property. All proceeds from the initial sale must be  turned over to a "qualified intermediary" (QI), who is the person or  company that essentially plays the role of the middleman. Any of the  proceeds not under the control of the QI, are subject to taxation.  


 The QI will hold the funds from the initial property in escrow until such time the closing on the second property occurs. The QI will also assist the owner with the preparation of paperwork and other services to ensure the transaction progresses smoothly. Additional 1031 exchange rules require  that the new property acquired by the investor much carry the same or  greater debt than the initial property, and that the closing on the  second property takes place within 180 days following the close on the  first property. 

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