The 1031 exchange is an ever-evolving tool. It’s important to keep up with those changes to ensure you are doing everything correctly. In this article, we are going to offer up some tips for conducting 1031 exchanges in the year 2020.
1031 Exchange Changes in 2020
1031 exchanges went through a pretty big overhaul a few years ago, with the Tax Cuts and Jobs Act, which removed exchanges of personal property entirely. Thankfully, that Act kept real estate exchanges intact and there are currently no big changes to 1031 exchange policy set to take effect in 2020.
Should I Wait Until 2020 to Start an Exchange?
If you haven’t yet started your exchange, you don’t need to wait until 2020 to begin. You can start your exchange at any time during the year. That being said, there are certain considerations to keep in mind when your exchange straddles two different years. You should always consult with your CPA or accountant to see what they recommend.
Minnesota 1031 Exchange Company
If you’re looking for help with your 1031 exchange or real estate, you’ve come to the right place! The qualified intermediaries at CPEC1031 have twenty years of experience working on 1031 exchanges of all types. We can help you through every step of the 1031 process, making sure that you are fully prepared when it comes time to close. Contact our 1031 exchange team today at our downtown Minneapolis office to learn more about our process and how we can help you save money in capital gains taxes.
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.
© 2019 Copyright Jeffrey R. Peterson All Rights Reserved