Conducting a 1031 exchange is a lot like piecing together a jigsaw puzzle. There are a lot of different pieces that need to be put together in a specific way in order to get to the finished product. In this article, we are going to discuss how to piece together the perfect 1031 exchange for your property.
Make Sure You Have the Right Pieces
First and foremost, make sure you have the right pieces before you begin putting them together. Specifically, it’s important that your property qualifies for 1031 exchange treatment. In order to satisfy that requirement, your property must be real estate held for investment or business use. You can’t use personal property held primarily for personal use (such as your family home).
Work with Someone Who Sees the Big Picture
Putting together a puzzle is especially difficult if you can’t see what the finished product should look like. The same is true when it comes to 1031 exchanges. It’s important to work with a qualified intermediary who understands the process front to back and can help guide you to the finished product. Intermediaries have so much experience facilitating exchanges that they know all the ins and outs of the process.
Exchanges Under Section 1031
A lot of investors are nervous about 1031 exchanges because they don’t understand the process. We can make sure you completely understand the process and that you are fully prepared for every stage – all the way up to the closing table. Our intermediaries have twenty years of experience facilitating exchanges across Minnesota and the entire country. Contact our 1031 exchange specialists today to learn more about our capabilities and how we can work with you on your like-kind exchange transaction.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
Defer the tax. Maximize your gain.
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