1031 Exchanges
How does Realty Mart assist with 1031 Exchanges?
Our extensive experience and expertise in dealing with working farms and commercial real estate, coupled with our familiarity with IRC Section 1031 brings expertise to help you craft transaction packages that are compliant with the code and work to the greatest benefit of everyone involved.
Important note : We do not provide tax advice.
What is a 1031 exchange?
A 1031 Exchange is named for IRC Section 1031 of the IRS Internal Revenue Code, which allows for an exchange of like-kind property. The code also allows for combinations of like-kind property, cash, and property not like-kind (and more as listed in the code). The advantage of a 1031 Exchange over a straight sale of property is that the gain involved in the exchange of like-kind property is tax-deferred. One thing to keep in mind is that if you receive cash, relief from debt, or property not like-kind, as part of the transaction, you may incur some taxable gain in the year of the exchange.
How should you start the process?
Consider what you have to offer in a 1031 exchange. Then, browse listings for the types of properties you are interested in and compile a list of criteria in what you are looking for. Once you have a starting point, contact us, let us know that you’re interested in transacting a 1031 exchange and we can work together from there.
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