Nov 3, 2017
Craig Brown is an attorney and expert on educating clients on
the benefits and risks of a TAX DEFERRED EXCHANGE. He has closed
thousands of transactions and will give you specific advice for
your 1031 exchange.
Important Considerations for an Exchange:
A) Exchanges must be completed within strict time limits. The Exchanger has 45 days from the date the relinquished property sale closes to identify potential replacement properties. The purchase of replacement property must be completed within 180 days after closing of the sale of the relinquished property.
B) Identification of potential replacement properties must be specific and unambiguous, in writing, signed by the Exchanger, and delivered to a Qualified Intermediary. The list of identified potential replacement properties cannot be changed after the 45th day; the Exchanger must acquire from the list of identified properties or the exchange will fail.
C) To avoid payment of capital gain taxes, the Exchanger should follow three general rules; 1) purchase a replacement property with a value equal to or greater than the value of the relinquished property, 2) reinvest all of the exchange equity into the replacement property, and 3) obtain the same of greater debt on the replacement property as on the relinquished property.
The bottom line: You need to know a 1031-Tax Deferred Exchange specialist.
To contact Craig Brown: Craig.Brown@ipx1031.com
To contact James Eng: JEng@oldcapitallending.com
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Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn about Michael's Real Estate Syndication business with SPI Advisory LLC.