Since it’s baseball season, we should talk about the 1031 exchange “strike zone” – the ideal place you want your property to be in order to set yourself up for success.
The strike zone is property that’s held for investment or business purposes. That’s where you want the “ball” to be. Outside of the strike zone (stuff that doesn’t qualify for 1031 exchange) is inventory, property held primarily for resale, and personal use property (i.e. property that’s used as your second home, your recreational property, or anything that’s not used primarily for investment or business). Those properties are generally outside of the strike zone and cannot be used in a 1031 exchange transaction.
Take the First Step in Your 1031 Exchange Journey
If you’re ready to take the first step in your 1031 exchange journey and defer your capital gains taxes when selling investment real estate, contact the team at CPEC1031, LLC today. Our qualified intermediaries can help you through your entire 1031 exchange journey – from beginning to end. We have decades of experience in the 1031 exchange industry and can help make sure you are following all the 1031 exchange rules and guidelines so that you can ultimately defer your capital gains taxes. Reach our team today at our Minneapolis office to learn more!
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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