Like Kind
The 1031 Exchange process allows taxpayers to exchange “like-kind” property. For many, the definition can be confusing when it is rather simple.
Understanding the requirements of a 1031 Exchange is important. From defining "like-kind" to outlining the financial requirements and timeframes, we take our role as your Qualified Intermediary seriously.
The 1031 Exchange process allows taxpayers to exchange “like-kind” property. For many, the definition can be confusing when it is rather simple.
To meet the financial requirement of the 1031 Exchange to limit your realized gain, you must follow the following steps.
There are two timeframes to be aware of; the 45 day identification period and the 180 day exchange period.
A Qualified Intermediary (QI) is required to facilitate the exchange properties under Section 1031 of the Internal Revenue Code. A QI like Security 1st Exchange will assist in simplifying the process.