1031 Exchange And What It Means To You As A US Taxpayer
If you're a seller who is a resident and taxpayer of the United States, you may have the ability to defer Capital Gains tax on your property by reinvesting the sale proceeds into another property or multiple properties. Here are the things you need to know or consider as a seller.
In order to qualify as a 1031 exchange:
- The taxpayer who sells is the taxpayer who buys.
- You must identify the replacement property within 45 calendar days post-closing of your property.
- The replacement property must be of like-kind and can't be used as a primary residence.
- You must purchase the replacement property within 180 calendar days (this includes the 45 calendar days of replacement property identification).
- The price of the replacement property must be equal to or greater than the old or relinquished property.
- You must hold the replacement property as an investment for a certain amount of time.
- Always speak with your accountant to make sure a 1031 Exchange is best for this sale.
Recommended 1031 Exchange Specialist:
Atlas 1031 | www.atlas1031.com | (407) 432-1875
Is 1031 Exchange a great move for you?
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