Many people have questions about how to begin the 1031 exchange process. In this article, we are going to talk about how to start your first 1031 exchange today!
Before Your Begin
Before you begin the 1031 exchange process in earnest, it’s a best practice to reach out to a qualified intermediary who can act as your neutral third party guide throughout the exchange. You only have a short period of time to finish your exchange once you start the process so it’s a good idea to plan ahead. An intermediary can clue you in on all the rules and requirements of the 1031 exchange process and help you put together a gameplan for a successful exchange.
Sell or Acquire Your 1031 Property
After you’ve mapped out a gameplan, you can begin the 1031 exchange process by selling your relinquished property (in a forward exchange), or acquiring your replacement property (in a reverse exchange). You then have 180 days to complete the 1031 exchange.
Contact the Qualified Intermediaries of CPEC1031, LLC
Do you have questions about how 1031 exchanges operate and whether your property qualifies for 1031 tax-deferral treatment? The qualified intermediaries of CPEC1031, LLC have you covered. Our team has decades of experience working on exchanges under section 1031 of the Internal Revenue Code throughout the United States. Regardless of where your property is located, we can help you through the specific details of your next exchange. Find us at our downtown Minneapolis office to set up a time to chat with our 1031 exchange intermediaries.
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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