In a 1031 exchange, you’re going to need to work with a strong real estate agent. An agent can find replacement property for you to use in your 1031 exchange. In this hot seller’s real estate market, selling your relinquished property isn’t necessarily the hard part. The more difficult part is knowing that you have a replacement property that you can acquire and identify within 45 days after the closing of your relinquished property. A prudent real estate professional is going to encourage their client to plan ahead and begin the process early so they’re not scrambling to find property at the last minute. Instead, it’s a good idea to split your energies up into getting the relinquished property ready for sale while also looking for a replacement property (even before you’ve listed the relinquished property).
Take the First Step on the Road to Tax Deferral with a 1031 Exchange
Take your first step in the 1031 exchange process and start your journey down the road to capital gains tax deferral. A 1031 exchange can help you defer taxes and build wealth over time by way of a continuing investment. Reach out to the qualified intermediaries at CPEC1031, LLC today to get started. Our team of 1031 exchange professionals has over two decades of experience facilitating all types of 1031 exchanges (forward, reverse, and construction exchanges). Let us guide you through the exchange process from start to finish.
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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