Without the right resources at hand, a 1031 exchange can go horribly wrong. In this article, we are going to discuss a few tips for maximizing the impact of your 1031 exchange.
Work with a Qualified Intermediary
Working with a skilled and experienced qualified intermediary on your exchange is the best way to maximize its impact and ensure its success. An intermediary is a pro on all things related to section 1031 and will be able to advise you on the right steps to take as you progress.
Line up Your Replacement Property
Once you start your 1031 exchange, you only have 180 days to complete it. And you only have 45 days to identify your replacement property. This can lead to a huge time crunch for taxpayers who sell their relinquished property before lining up replacement property. While you don’t need to have your replacement property completely locked down before you begin the process, it’s a good practice to at least do some preliminary research so you are well prepared.
Like-Kind Exchanges Under Section 1031 of the IRC
1031 exchanges apply to every United States taxpayer who owns qualifying property. See how a 1031 exchange can benefit you by contacting a qualified intermediary at CPEC1031. Reach out to our 1031 exchange professionals today to learn more about the process and how we can help you save money in capital gains taxes. Our primary office is located in the heart of downtown Minneapolis. You can also find us at one of our satellite offices around the United States.
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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