Something we are seeing right now is that timing of transactions is more important than ever. If you put a property on the market and someone wants to close, ask for the time that you need! It’s your sale.. and your sale date will start the clock.
When working towards acquisition of replacement properties, there is no need to wait for the relinquished property’s closing. 1031 prohibits a taxpayer’s simultaneous ownership of the relinquished and replacement property, but you are free to negotiate purchases including the deposit of earnest money at any time. If you would like to be reimbursed the earnest money you have deposited, we can reimburse those funds at the closing of the replacement property.
Since we are on the topic of earnest money, consider the scenario where a seller personally receives earnest money. The 1031 exchange client has two options:
- Keep the earnest money received, it will be taxable.
- Deposit earnest money back in escrow at closing to be included with all sales proceeds, defer all gain.
After 100 years, section 1031 is pretty familiar to people, yet fine points as these above often become points of concern. When you have questions, we are the guys with the answers!
Miss Our Last Webinar? Catch the Full Recording Here!
It has been said the 1031 exchange could be applied to up to 64% of all real estate closing, yet almost 100 years after the process was started many investors still do not know of this powerful wealth building tool! This class will teach you about the more advanced 1031 exchange options available, and how to use them.
Support Retention of 1031 Exchanges!
Tell your elected officials how Section 1031 like-kind exchanges have benefited you, your business, and your community! Section 1031 has been a vital part of everyday business transactions U.S. tax policy since 1921.
Please take a few minutes to send a message to your elected officials.
www.post1031.com offers the Real Estate investment community a place to freely post and browse investment property. The website is aimed at doing one thing, making real estate move!
Why to use it… Our exchange clients have 45 days to identify that perfect replacement property that they are looking for. One place they can turn is www.post1031.com our free online resource for property listings. Clients can browse the listingsand contact the brokers directly with no middle man. Clients can view their own listings with confidence and reassurance that their property is being seen.
45 days to a signed deal….
The Guys With All The Answers…
David and Thomas Moore, the co-founders of Equity Advantage & IRA Advantage
Whether working through a 1031 Exchange with Equity Advantage, acquiring real estate with an IRA through IRA Advantage or listing investment property through our Post 1031 property listing site we are here to help Investors get where they want to be. About Us…