In a 1031 exchange, timing is everything. With hard deadlines, proper planning becomes absolutely essential. In this article, we are going to talk about why you should start your like-kind exchange of real estate as early as you possibly can.
A Little Planning Goes a Long Way
In the realm of 1031 exchanges, preparation is key and a little planning goes a long way. That’s because section 1031 is governed by strict timing deadlines that you have to abide by to ensure the success of your exchange. Once you begin your exchange, you have just 180 days to finish things up. During the first 45 days of that period, you also need to do a written identification of your replacement property. We work with a lot of clients who sell their property first and then decide to do a 1031 exchange. While that’s by no means impossible, it just makes things much easier for everyone involved if you start the planning process before your 1031 exchange clock starts ticking.
Start Your Exchange Today
Take your exchange to the next level by contacting the qualified intermediaries at CPEC1031, LLC. Our like-kind exchange intermediaries have vast knowledge of the rules and regulations that govern 1031 exchanges. We can put that knowledge to work for you by facilitating your next 1031 exchange. Reach out to our 1031 exchange team today at our Minneapolis office to learn more about the numerous benefits of section 1031 and see how you can get your next like-kind exchange up and running.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
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