Getting Started on a 1031 Exchange...
- Due to the strict IRS guidelines that must be adhered to, contact Landowner Exchange right away if you’re considering a 1031 Exchange. We will help ensure you’re connected to the appropriate resources for proper document preparation and coordination of all parties, including your tax accountant, title company and a professional qualified intermediary.
- Discuss the specifics of your exchange with your tax accountant. We can be of assistance with this conversation at your discretion.
- At the direction of the title company and the qualified intermediary, make sure that the real estate contracts have the 1031 terminology in the contract that allows for the assignment & indicates your intent to do an exchange.
- Work with Qualified Intermediary (QI) to receive proceeds from sale of original property.
- Replacement property (or properties) must be identified within 45 days of the closing of the original property.
- Acquisition of new property (or properties) must be completed within 180 days of the closing of the original property.