It’s a good general rule of thumb to start prepping your 1031 exchange as early as possible. Unfortunately, many taxpayers don’t make the proper preparations and find themselves in a bind late in the process. In this article, we are going to discuss the importance of early preparation when conducting a 1031 exchange.
It’s Never Too Early to Contact a Qualified Intermediary
We hear from many taxpayers who want to do a 1031 exchange at the zero hour and are unable to avail themselves of the tax-saving benefits of a 1031 exchange because they’re too late.
The earlier you can start preparing for your 1031 exchange, the better off you’ll be. Contact your qualified intermediary before you even sell your relinquished property so you can work together and make sure everything goes according to plan. It’s never too early to call your qualified intermediary.
1031 Exchanges in the Twin Cities
1031 exchanges allow you to defer your capital gains taxes on the sale of real property under section 1031 of the IRC. If you are interested in deferring your gains and keeping your money working for you in a continued investment, a 1031 exchange might be right for you. Contact a qualified intermediary to discuss your options. At Commercial Partners Exchange Company, our intermediaries have two decades of experience helping taxpayers with their 1031 exchanges. Reach out to us today at our downtown Minneapolis office to get started with your exchange!
- 1031 Hotline: 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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