1031 EXCHANGE USA
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What is a 1031 Exchange?
Sellers of investment properties are allowed to defer capital gains taxes on profits by exchanging the proceeds through a qualified 1031 Intermediary for an investment in anothers like-kind property or group of properties. Tax law changes have made a 1031 Exchange an attractive tool to defer capital gains taxes.
The term "Qualified" means the Intermediary is not the taxpayer or an agent of the taxpayer. Anyone, the taxpayer has worked with, in any capacity, within the past two years is disqualified from being an intermediary. This includes the tax payer's attorney, realtor, broker, escrow agent and accountant. 1031 EXCHANGE USA acts solely as a QUALIFIED INTERMEDIARY.
The Qualified Intermediary in a 1031 Exchange performs important functions, including holding the funds in an escrow account, preparing Exchange documents, acquiring and transferring legal property titles and monitoring Exchange timing deadlines. By way of example, in a standard 1031 Exchange the taxpayer is allowed to sell existing property, known as the Relinquished Property, and avoid paying capital gains taxes when the Seller purchases a Replacement Property or Properties. The time to choose a 1031 Intermediary is when you decide to sell your property. This will insure a smooth transaction. Your me, however, choose a 1031 Intermediary just prior to Closing. You may not attempt an Exchange unless you have set up the transaction prior to the sale of your property. After the sale of the Relinquished Property, the seller must identify Replacement Property or Properties on or before midnight of the 45th day after the transfer of Relinquished Property. The taxpayer must acquire title to Replacement Property or Properties on or before midnight of the 180th day after the date of transfer of the Relinquished Property or the due date of taxpayer's tax return, whichever is earlier. The forgoing represent some of the absolute deadlines and requirements to properly effectuate a 1031 Exchange.
It is important to consult with a Tax Advisor concerning 1031 Rules and Regulations. Sellers of investment properties are allowed to defer capital gains taxes on profits by exchanging the proceeds through a Qualified Intermediary for an investment in another like property or group of properties
For more information:
call- 954-922-0220 or
email: info@1031exchangeusa.com
3032 East Commercial Boulevard, #23 Fort Lauderdale, Florida 33308