- Defer taxes (up to 35-40% of the gain)
- Greater purchasing power
- Improve cash flow
- Diversity of consolidate portfolio
- Build a preserve wealth
- Asset preservation
- Switch property types
- Expand into other real estate markets nationally
- Estate planing for heirs
- Talk to a Tax Advisor
- List Property for sale
- Open escrow with title company
- Open exchange during escrow with Qualified Intermediary
- ID replacement property within 45 days of C.O.E.
- Close on replacement property(ies) within 180 days of C.O.E.
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What is the suggested Holding Period ?
What is the Internal Revenue Code § 121 ?
- Section 121 (Primary Residence) and the 1031 Exchange:
WHAT ARE THE RESTRICTIONS TO CONVERTING INVESTMENT PROPERTY TO PRIMARY RESIDENCE?
- Three-fifths (3 out of 5 years) of the gain or $300,000 would not be eligible for the exclusion; and
Do I have to use a Qualified Intermediary ?
What is the role of a qualified Intermediary ?
- To provide consultation, not tax advice.
- Security of Funds – Funds usually held in Money Market Accounts (second signer if needed)
Can I buy from related parties ?
You cannot buy from a related party unless the related party is also doing an exchange