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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