Successful 1031 exchanges involved planning ahead to avoid the pressure of strict deadlines. In this article, we are going to run through some pro tips for planning ahead to set your 1031 exchange up for success.
Planning Early Keeps You in Control
The most successful 1031 exchanges are not figured out under deadline pressure. They are shaped months in advance, before the clock starts ticking. Once the 45-day identification window opens, strategy will give way to speed.
Assemble Your 1031 Exchange Team
To ensure the success of your 1031 exchange, you need to assemble a great 1031 exchange team. This team often includes:
Qualified Intermediary
Legal Counsel
Banker
Accountant / Tax Advisor
Real Estate Agent
Title / Escrow Agent
Bring Clarity to Your Deal
Estimate your sale price and transaction costs.
Determine outstanding loan balance and payoff terms.
Figure out the net equity expected to reinvest.
Estimate your capital gain and depreciation recapture.
Plan ahead for debt replacement.
1031 Exchange Pro Tips
Plan ahead and consult with your tax advisor, CPTA, and qualified intermediary.
Confirm your written notice (Replacement Property Identification Form) is received on time to your qualified intermediary.
Consider identifying “in the alternative” by listing Property A or B, not both.
Lock up a replacement property early by getting it under contract for purchase, or purchasing the property in a reverse exchange.
Your 1031 exchange success depends on following the rules and working with a qualified intermediary who knows the rules inside and out.
Contact a Qualified Intermediary at CPEC1031, LLC
Get started with your 1031 exchange by contacting a qualified intermediary at CPEC1031, LLC. Our team has over two decades of experience working on forward exchanges, reverse exchanges, and build-to-suit exchanges under section 1031 of the Internal Revenue Code. We have all the skills and experience needed to facilitate your transaction and ensure that you can defer 100% of your capital gains tax burden when selling qualifying real estate. Contact us today to learn more about our array of services and see if you are a good candidate for 1031 exchange!
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
Defer the tax. Maximize your gain.
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