1031 Tax Exchange

In 1991, the IRS issued a publication which gave the specifics of the 1031 tax exchange rule.  This short article will focus upon the qualifications you need to meet to qualify for a 1031 tax exchange.

It is very hard sometimes to find a property which you will want to hold in your real estate portfolio for a long period of time when you know that you have a fast approaching deadline.  This article will focus upon locating a tax exchange database as this might provide a list of properties which you may be interested in.

The current identification rules represent a compromise which was proposed by the IRS and adopted in 1984. Prior to that time there were no time-related guidelines. The current 45-day provision was created to eliminate questions about the time period for identification and there is absolutely no flexibility written into the rule and no extensions are available.

The most conservative  investors would  advise you not to refinance until a considerable time post-closing (maybe  as long as two years), in order to make absolutely sure that you’re in compliance with the intent of Section 1031.  The popular mindset amongst  more liberal minded contingency of  investors, however, is to assume that the closing on the purchase of your replacement  marks the definitive ending  of to the 1031 process, and so an investor need not fret over the substantiation of the exchange from there onward.  For a property investor who perceives the 1031 process from this vantage point, it is irrelevant how long one waits to refinance a 1031 replacement property, and many investors will elect to do so directly after the closing .

In contrast to the usual transfer of property due to a normal sale, the seller of a 1031 exchange property does not receive any cash proceeds. In fact, the entire exchange process is handled by a third party known as a Qualified Intermediary (QI). This party or person cannot be a family member, business associate, or similar individual. In fact, the QI is usually a representative of a business entity that exists solely for the purpose of acting as an independent and professional facilitator of 1031 exchanges. The appointed QI serves as liaison between the parties involved in the transaction at every step, including delivering deed and title.

The most conservative  investors would  advise you not to refinance until a considerable time post-closing (maybe  as long as two years), in order to make absolutely sure that you’re in compliance with the intent of Section 1031.  The popular mindset amongst  more liberal minded contingency of  investors, however, is to assume that the closing on the purchase of your replacement  marks the definitive ending  of to the 1031 process, and so an investor need not fret over the substantiation of the exchange from there onward.  For a property investor who perceives the 1031 process from this vantage point, it is irrelevant how long one waits to refinance a 1031 replacement property, and many investors will elect to do so directly after the closing .

Hopefully this article has given you insight into the specifics of the 1031 tax exchange rule.  The information can be confusing but that is where you will pay for the services of a qualified intermediary who can help guide you through this process.

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