A 1031 Exchange is a transaction in which a taxpayer can sell one property and buy another without a tax consequence. The steps are really that simple but the process can be complex.
Section 1031 of the IRS tax code allows a taxpayer to take up to 100% of the sale proceeds from the sale of any investment property and purchase another investment property while deferring the tax on the capital gain.
It’s never too soon to begin identifying your replacement property.
45-days seems like a long time prior to close of escrow to identify a replacement property. However, many times it’s not enough time for full due-diligence to meet the identification date.
Register today to view the current portfolio of available 1031 exchange replacement properties.
Also known as an Accommodator or a Facilitator; the Qualified Intermediary (QI) is the Intermediary who receives the sale proceeds upon close-of-escrow (COE) of each sold property.
The Escrow/Title company closes escrow and sends the funds directly to the QI to hold during the 45-day identification period.
Client stories shown are not direct testimonials from the client, but summarized examples by Canyon Pacific, and may not be representative of the experience of other customers. Examples do not guarantee future performance or success and. Past performance and forecasts returns are not indicative of future results. No client was paid for the use of these examples.
