1031 Tax Deffered Exchanges
|Thanks to the “1031 Tax Deferred Exchange” real estate investors can essentially exchange investment property for a rental cottage at the beach and defer paying taxes on the realized gain until the property is sold in a subsequent taxable transaction. The secret is knowing what type of property you may exchange, and staying within the proper time constraints.You must “identity” your replacement property within 45 days from the close of your first property and close on the replacement property within 180 days. Sound confusing? It’s not. Give us a call and we’ll walk you through the process.
We even have information on a Reverse 1031 Tax Deferred Exchange (when you buy first, then sell.) Sound complicated? It can be – that’s why we’ll put you in touch with the expert 1031 exchangers.
|The Six Basic Rules for a successful exchange are: