The ongoing coronavirus pandemic has a lot of real estate investors confused and frustrated – and rightly so. This is certainly the case among those considering 1031 exchanges right now. In this article, we are going to discuss whether or not you should consider starting a 1031 exchange during the COVID-19 pandemic.
Finding the Right Time
Timing is important in any real estate deal. Many taxpayers are hesitant to begin a 1031 exchange right now due to the uncertainty in the air at the moment. But this doesn’t mean you should completely avoid beginning your exchange. It’s possible that you may be able to find some great deals on replacement property right now because others are choosing to delay their exchanges.
Talk to a Qualified Intermediary
Ultimately, the best thing you can do is talk with a qualified intermediary about your specific situation to see if now is the best time to begin your 1031 exchange. An intermediary will be able to examine your unique situation and offer guidance on how to proceed.
Qualified Intermediaries in Minnesota
At CPEC1031, we facilitate 1031 exchange transactions in Minnesota and across the country. Our qualified intermediaries have over twenty years of experience with all types of exchanges. We can put that experience to work on your exchange and answer all of your questions during the process. Give us a call today to discuss the details of your next exchange and how we can help save you money in capital gains taxes. You can find us at our main office in Minneapolis or at one of our satellite offices around the country.
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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