If you're not a savvy investor, you probably have never heard of a 1031 Exchange. A 1031 Exchange is the exchange of like property for the purpose of deferring taxes. Basically it allows an investor to sell a rental property buy another rental property and defer the taxes from the sale. In order to do this properly, you need to hire a 1031 Exchange Company or a lawyer that acts as a intermediary to the sale & purchase of the properties. Once the sold property also called the relinquished property has closed, the money is sent to the intermediary where it is held until a replacement property has been purchased.
There are many required rules & regulations to a 1031 exchange that a qualified 1031 Exchange Expert will be glad to explain to you. The two time periods that are extremely important when doing a 1031 Exchange are 45/180 days.
Most big title companies now have a separate division that are qualified to do 1031 Exchanges as well as many independent 1031 Companies. Since these Exchange companies hold the profit from the property you sell until you purchase a replacement property, you want to make sure the company you chose to do your 1031 Exchange has been in business a while, is experienced and has a good reputation. I suggest you go online and read reviews for these companies before making a selection.
You can contact me at 702-809-6300 or email me at email@example.com. Thanks for reading this blog!
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