There are many things that can potentially go wrong during the course of a 1031 real estate exchange. But with enough foresight, you can ensure that these issues don’t impact your 1031 exchange. In this article, we are going to talk about how to preempt some of the most common issues that come up during a 1031 exchange of real estate.
Communicate with Your 1031 Exchange Team
The best way to preempt common 1031 exchange issues is to communicate early and often with your entire 1031 exchange team. That includes your qualified intermediary, CPA/accountant, attorney, real estate agent, and any other players who may be assisting you with the exchange. Communicating openly with all these parties will help ensure a smooth 1031 exchange.
Give Yourself Plenty of Time to Prepare
It’s also essential to give yourself plenty of time to prepare before starting the 1031 exchange process. Oftentimes, people start their exchange and then get tangled up in various issues that could have been prevented if they’d better prepared.
CPEC1031, LLC – Like-Kind Exchange Services
At CPEC1031, LLC we provide like-kind exchange services to clients throughout the state of Minnesota and across the United States. We have been working with taxpayers on their like-kind exchanges of real estate for more than twenty years. During our tenure, we’ve built up a strong reputation in the 1031 exchange industry. If you’re looking for help with your 1031 exchange of real estate, you’ve come to the right place. CPEC1031, LLC is your go-to resource for all things related to section 1031 of the Internal Revenue Code. Reach out to our team today to get your 1031 exchange off the ground.
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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