1031 exchanges have strict timelines that you must abide by in order to defer your capital gains tax burden. For various reasons, some taxpayers want to complete their like-kind exchange as quickly as possible. In this article, we are going to discuss how to speed up the 1031 exchange process.
Your Deadlines Don’t Change
The deadlines that govern 1031 exchanges do not change, except under very rare circumstances. You have 180 days to complete your exchange once it begins.
However, you can always complete your exchange before you hit these deadlines. If you need to finish up your exchange as fast as possible and you have everything in order, you can finalize your exchange and acquire your identified replacement property well before the 180th day. The 180 day deadline is the maximum amount of time you have to complete your exchange. You are not required to wait until the 180th day to complete the exchange.
The Key to an Efficient 1031 Exchange is Preparation
The real secret to a fast and efficient 1031 exchange is preparation. Many people get tripped up trying to line up sufficient replacement property while the 180 day clock is ticking. But if you reach out to a qualified intermediary early, enter into an exchange agreement, and begin plotting out your exchange before it even starts, you’ll be in a great position to finish out your exchange as quickly as possible.
Minnesota Like-Kind Exchange Company
If you are looking for a Minnesota company to help with your 1031 exchange of investment or business real estate, you’ve come to the right place. CPEC1031, LLC offers 1031 exchange services to taxpayers in Minnesota (and throughout the United States). Our 1031 exchange accommodators are here to help guide you through the 1031 exchange process and defer your capital gains taxes. Contact us at our Twin Cities office (located in downtown Minneapolis) to learn more about the 1031 exchange process and get started with your next like-kind 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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