Timing is an essential factor in any 1031 exchange. One of the most common questions taxpayers have about the 1031 exchange process is when to start working with a qualified intermediary. In this article, we discuss when you should enter into an exchange agreement with a qualified intermediary during the 1031 exchange process.
Short Answer: As Early As Possible
The short answer to the question of when to engage a qualified intermediary is as early as you can. 1031 exchanges need to abide by strict timelines in order to be successful. As a result, it’s important to plan ahead and give yourself enough time to meet these deadlines and deal with any obstacles that crop up along the way.
Reach out to a qualified intermediary and enter into an exchange agreement before you even begin the 1031 exchange process. That will give you and your intermediary enough time to discuss the various steps of the exchange and make sure you are well prepared for everything during the process.
1031 Exchange Company in Minneapolis, MN
1031 exchanges can be difficult to manage, especially for the inexperienced. It’s important to work closely with a qualified intermediary throughout the process to set yourself up for 100% capital gains tax deferral. At CPEC1031, LLC, our intermediaries have decades of experience in the 1031 exchange industry. We’ve facilitated like-kind exchanges under section 1031 of the Internal Revenue Code across the United States. No matter where your property is located, we have the skills and experience needed to guide you through the 1031 exchange process. Contact us today to learn more about our services and see if you are a good candidate.
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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