A 1031 tax exchange could save you an enormous amount of money.
Today I’m glad to be sharing some important information about 1031 tax exchanges. This is an IRS tax-deferred exchange under section 1031, and it affects investors.
The 1031 exchange has a specific process. Investors should go through this process with their properties to avoid paying capital gains tax on them. You would have 45 days to identify the properties, and then you have to close on your new property within 180 days. There are a lot of rules and specific hoops to jump through to get the 1031 tax exchange done correctly, so if you want to do that, make sure you’re working with a professional who can guide you through the process.
If you have any questions or need help understanding the 1031 exchange, please feel free to reach out to us. We’re happy to be a real estate resource for all of your needs, so call or email us anytime.
