A 1031 exchange is a powerful tool to defer taxes on the sale of real estate. Best of all, any taxpayer can utilize this provision in the tax code to defer their capital gains taxes. Call our North Dakota qualified intermediaries today to get your 1031 exchange started - 877.373.1031.
North Dakota 1031 Exchanges
Like-kind exchanges of real estate allow you to defer your capital gains taxes on the sale of your property so long as you move all of those net proceeds into a newer, bigger replacement property. It's a great way to avoid a hefty tax burden, and keep your money working for you, while simultaneously stimulating the economy.
1031 Exchange Rules
With any 1031 exchange of real estate in North Dakota, there are several rules and regulations that need to be met. Here are a few of the most important:
- 180 Day Requirement. After selling your relinquished property, you only have 180 days in which to complete your exchange. The first 45 of those days are for identification of your replacement property.
- Like-Kind Property Requirement. All property involved int he exchange (your relinquished and replacement properties) need to be like-kind.
- Debt, Value, Equity Requirement. Your debt, value, and equity need to go up when you exchange into your replacement property.
Like-Kind Exchanges of Real Estate in North Dakota
The first step in any 1031 exchange of real estate should be to contact a qualified intermediary who can help you initiate the process. Your intermediary will be able to advise you throughout the proceedings, recommend replacement properties, and answer all of your questions along the way. At Commercial Partners Exchange company, our team of qualified intermediaries has been helping North Dakota taxpayers with their like-kind exchanges for decades. Call today to speak with one of our 1031 exchange professionals - 877.373.1031.