An Exceptional Exchange Experience, Made Easy. |
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Good Intentions:
The True Clue for the IRS
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The 1031 exchange was set up, the apartment building has sold, and the rental cabin you've just closed on is in an ideal location. You are determined to have it ready for the winter ski season. You've done your 1031 exchange homework, talked with your tax advisor and your Exchange Team at 1031 CORP., and completed the exchange within the 180-Day Exchange Period window. But there's a problem - the replacement property suddenly cannot be rented! Without the ability to rent the property, you want to sell!
You're out of luck because short-term holding periods do not qualify for a 1031 exchange. Right? In this case, maybe not.
While Section 1031 is chockful of rules that must be followed in a 1031 exchange, the regulations do not provide much guidance on the length of time a property must be held for investment before it qualifies for 1031 treatment. A key determinant in the validity of a 1031 exchange is the Exchanger’s intent at the time of purchase.
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Section 1031 has many strict rules, but when the circumstances aren't straightforward, a key consideration is the Exchanger's intent to comply. |
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The 1031 CORP. Exchanging Thoughts Blog
Looking for another perspective on 1031 exchanges and the real estate industry?
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Upcoming Webinars
>> Thursday, March 7, 2024
12:00 Noon Eastern
>> Thursday, April 4, 2024
12:00 Noon Eastern
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1031 CORP. provides an easy-to-follow overview of 1031 exchanges and their many benefits. We'll also review the requirements of a successful exchange and the essential role of 1031 CORP. to keep the exchange transaction simple for all parties. |
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We Love Sharing the Power of 1031 Exchanges! |
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The 1031 CORP. Team was grateful to present "1031 Exchanges Made Easy" in beautiful Newport Beach, California, last month.
Marissa LoCascio, CES®, 1031 CORP. Senior VP, and Jennifer Edmondson, our Bend, Oregon Branch Manager met investors to talk about the exchange process, the benefits of 1031 exchanges, and the best ways to leverage this powerful wealth-building tool.
1031 CORP. works with investors of all sizes, real estate professionals, attorneys, accountants, title and escrow professionals, and financial advisors. Our Exchange Team has deep experience and seven Certified Exchange Specialists® (CES®) on staff. We would love to talk with you about your 1031 exchange.
With offices in Oregon and Pennsylvania, 1031 CORP. works across the country. Contact us at TeamMarissa@1031CORP.com or (800) 828-1031 (Penn.) or (800) 388-1031 (Oregon).
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1031 CORP. Team members presented "1031 Exchanges Made Easy" to investors in beautiful Newport Beach, California, last month.
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Gabbie Durante
Exchange Coordinator
1031 CORP.
Collegeville, Pennsylvania
(610) 792-4880 ext. 220
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Gabbie Durante
Role: Exchange Coordinator
Location: Collegeville, Pennsylvania
What are the most important things to keep in mind for a 1031 exchange client?
The first is, always, to speak with your tax advisor. Make sure the exchange will be beneficial in your particular situation before taking the plunge into the exchange. Keep your advisor in the loop with your plans.
The second piece of advice I tell my clients is to think about the long game for your investment. You have the initial deferral, but exchanges aren’t necessarily a one-time thing. Multiple deferrals are common for an investment—and can generate and preserve wealth for the long term.
Here’s another consideration for an end goal: It’s a great tool for estate planning. Your beneficiaries inherit the investment at full value, with a stepped-up basis. The capital gain is forgiven! And, it’s an excellent tool for wealth preservation and income generation. The investment provides for you during your lifetime, and, later, provides income for the next generation. Keep the kids in the real estate game!
1031 CORP. is known for the quality of our service. How do we put that into action?
Our responsiveness and timeliness. Being response is so important in an exchange and in real estate transactions. We won’t let a voicemail go unanswered--you can always reach a person. We are here to answer your questions. Availability for deadlines is essential to us, every day, including weekends. If the 45-Day Identification Period deadline happens over a weekend, someone has to be available to make sure the documents are submitted and comply with the rules. We do everything possible to ensure they are signed, correct, and received on time.
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Poll: What rate will bring buyers back to the market? |
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Please select only one answer. Poll results will be reported next month.
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Poll: Where is the best market for buyers? |
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Your poll answers from the January issue of Exchanging Times
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Serving as a nationwide Qualified Intermediary for 1031 tax-deferred exchanges since 1991, 1031 CORP. strives to provide an exceptional exchange experience made easy for our clients and their advisors. We provide our clients with enhanced security of funds, knowledgeable exchange professionals and a commitment to keep the exchange process simple for our clients and their advisors. Our Exchange Team, which includes Certified Exchange Specialists®, has the experience and expertise to facilitate even the most complex exchange transactions, including reverse and improvement exchanges.
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