A successful 1031 exchange requires the cooperation of a number of different professionals: a qualified intermediary, a real estate broker, a banker, and a CPA/accountant. In this article, we are going to discuss why it’s essential to involve your CPA or accountant in your 1031 exchange.
Your CPA’s Role in the 1031 Exchange Process
Your CPA or accountant knows your personal tax situation better than anyone else. As a result, they are best equipped to tell you how a 1031 exchange may impact your tax situation and whether or not a like-kind exchange is even a good idea for you.
In addition to that, there are specific requirements for reporting a 1031 exchange to the IRS. While your qualified intermediary can keep you informed of these requirements and help with document preparation, your CPA is the one who will actually need to file the required documents and potentially request a filing extension if needed.
Keep Your Money Working For You With a 1031 Exchange
A 1031 exchange of investment or business real estate can help you save money in capital gains taxes and keep your hard-earned money working for you in a continuation of your original investment. Work with a qualified intermediary who knows the ins and outs of the 1031 exchange process to set yourself up for 100% capital gains tax deferral. CPEC1031, LLC is standing by to help you through all the details of your next 1031 exchange of real property. Reach out to our team today to set up a time to chat about your next exchange!
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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