You may have heard about investors saving money with a 1031 exchange. If you are selling real estate, you can postpone capital gains taxes with this program. This involves selling a property and putting the proceeds toward another property that is similar in nature and value.
Step 1: Identify The Property You Want To Sell.
Step 2: Choose A Qualified Intermediary. It is important that before you close on the property you are selling, you need to have your “Intermediary” or “Exchange Facilitator” in place. They will hold the funds in escrow until the new property is purchased.
Step 3: Identify the Property You Wish to Buy. There are deadlines to comply with, so do not delay & be sure your Realtor is aware you are using a 1031 exchange.
Your tax advisor should be able to answer any questions, but this can be a great tool for investors. If you need assistance finding a qualified intermediary, please send a message, call or email. LMStaves207@gmail.com; 361.500.2187.
Selling Your Investment Property While Renting by the Saltwater Shores Team Real Estate Port Aransas
