Many people have questions about replacement properties when conducting a 1031 exchange. A common question we get is: “do you have to buy a single replacement property?” In this article, we are going to dive into the details of that question.
Property Identification
In a 1031 exchange, you need to identify in writing your replacement properties within 45 days after the sale of your relinquished property. Many people simply identify a single replacement property, but you’re not limited to just one.
You can absolutely identify multiple replacement properties so long as you abide by one of the three 1031 exchange property identification rules (3 property rule, 200% rule, 95% rule). As long as you are keeping things within the confines of at least one of those rules, and you have made proper identification within the 4 day window, then you can include multiple properties in your exchange.
Contact CPEC1031, LLC for All Your 1031 Exchange Needs
Contact the team at CPEC1031, LLC for all your 1031 exchange needs! We have over two decades of experience working with taxpayers all over the state of Minnesota and across the United States on their like-kind exchanges. Let us guide you through the like-kind exchange process from beginning to end and defer your capital gains taxes along the way. Reach us at our main office, located in Minneapolis, to set up a time to chat with one of our 1031 exchange specialists about the specifics of your next 1031 exchange of investment real estate.
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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