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Already an Investor? Delay Taxes on the Sale.
If you already own an investment property, you can delay paying taxes on the proceeds by using a 1031 Tax-Deferred Exchange. The two basic requirements for a 1031 Exchange are:

• The Exchangor must be holding the exchange property for business or investment purposes (it may not be your residence).
• The property/properties received in exchange must be “like kind” (almost any other piece of real estate would be considered “like kind”).

Mechanics of the 1031 Exchange
The transaction must be identified in the Purchase and Sale Agreement as a 1031 exchange. At escrow, the buyer is asked to sign an Exchange Agreement, as well as a one-page Assignment of Purchase and Sale Agreement (at no cost to the buyer). All sale proceeds are then sent to the facilitator, where they are maintained in an interest-bearing account.

The replacement property must be identified on or before the 45^th day from the closing of the sale by a signed statement. This statement must be delivered to the facilitator within this timeframe or the exchange will be nullified. Identification may be done in a new Purchase and Sale Agreement and should include a reference that this is part of an I.R.C. 1031 exchange, in which the seller (of the next property you buy) will participate at no additional expense or liability. Closing of the purchase must occur within 180 days from the closing of the Exhangor’s sale.

In general, to avoid any tax all the proceeds from sale of the exchange property must be invested in the replacement property. Furthermore, the replacement property should have a sales price equal to or greater than the exchange property's.

Get Expert Help
The hardest part of the 1031 process is actually finding the right replacement property. We specialize in finding properties that provide a positive cash flow, properties in “distress” and priced below market value, and cosmetic and structural fixers. You may choose to exchange your property for a residential property, a commercial property, vacant land, retail space, or any other piece of real estate.