What Is a 1031 Exchange?
This basically means you are selling one investment property and purchasing another one without paying capital gains taxes.
What reasons would you have to exchange properties?
In today’s market if would be more cost effective to keep properties than to sell since capital gains taxes are going to go up with this new administration and it would be more beneficial to swap properties to more profitable venues so that you can maximize your cash flow
There are 5 requirements of a 1031 exchange
1. To avoid the capital gains tax on the sale of your sold property, you must spend an amount equal to your selling price.
2. You have 45 days from the date of sale to identify the properties you will possible use in the exchange
3. You must close within 180 days of the close of your sold property
4. You must you a qualified intermediary that will prepare the exchange documentation, hold equity, and coordinate the exchange with all parties
5. You exchange property must be like kind which basically means you must exchange deed for
What can Christopher Zajko do for you?
H e can connect you with a qualified intermediary than will handle the exchange, help you locate a professional 1031 attorney and accountant, assist you in locating suitable 1031 replacement properties and answer most 1031 related questions.
Since Christopher has been doing 1031 exchanges for over 15 years he is the perfect person to Call or email today so that he can properly guide you to avoid taxes and increase your cash flow from your current portfolio.