Last minute 1031 exchanges can get the better of even the most seasoned real estate investor. The slightest oversight could mean losing thousands of dollars in avoidable taxes. In moments like these, it helps to have an extra pair of eyes (and tons of experience!) to look over your exchange.
Over the years, True North has emerged as a trusted partner to families and businesses across the country when it comes to identifying replacement property. Thanks to a curated portfolio, extensive local relationships and first-hand market experience, we can streamline your exchange from the get go.
Our team of experts can help you plan every minute detail of your 1031 exchange, right from finding replacement property to filing returns, from start to finish! Just ask any of our existing clients!
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A 1031 Exchange can help you defer taxes long-term and build wealth. However, it is a complex process and learning about the do’s and don’ts is the first step to success. Here’s a ready to use checklist that will make your job much easier!
In this guide, you’ll learn how to:
Download this step by step guide to navigate your 1031 exchange like a pro.
The True North team can help you plan and execute your 1031 exchange with precision. You can count on our expertise to quickly identify and close on replacement property, and tick all the right boxes on your tax return. True North is a trusted advisor and friend to have by your side when completing a 1031 exchange.
Sell Original Property
Transfer sale proceeds to Qualified Intermediary
Indentify Replacement Property within 45 Days
Send Duty Letter to Qualified Intermediary
Negotiate with the Seller of Replacement Property
Close the Deal
Arrange for Proceeds to be Transferred to Title Holder
Fill out Form 8824
Simply put, a 1031 Exchange gets you a tax break on selling and buying investment property. It isn’t the same as a waiver though. A 1031 Exchange helps you defer any taxes payable on real estate transactions to a later date so long as you continue reinvesting the proceeds from the relinquished property and don’t cash out
The concept of Like Kind property has evolved considerably through the years. Like Kind property basically refers to any investment property bought after an existing one is disposed off. There are no restrictions on the type of replacement property you can buy except that it may not be put to personal use.