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Here Is What You Should Do For Your REPLACEMENT PROPERTY
by Lisa taylor Tax consultant 1031 exchange enables the investor to get the maximum profit from the 1031 exchange properties. However, the exchange process is quite complex in nature and it would be good for the investor if he takes guidance from expert professionals. We have extensive experienced team in handling highly profitable exchange of property for our varied client base.The properties that are included in 1031 exchange are office buildings, storage facilities, industrial properties, single family homes, multi family apartments, raw lands, retail shopping centers, and triple net leases.
There are certain pre requirements for identifying and acquiring potential like-kind replacement properties in your 1031 exchange. Replacement property that you want to acquire for 1031 exchange should be identified to your Qualified Intermediary (also known as accommodator) and must be distinguished no later than midnight of the 45th calendar day following the end of your relinquished property sale transition.
Let’s take an example to explain this:
If the sale of the first property of the investor closes on May 31, then the first day of 45 day calendar identification period would be June 1 and the 45th calendar day would be July 15th. For this you must follow atleast one of the following identification rules when completing the identification of your like-kind replacement properties.
One more requirement for completing 1031 exchange is the investor must involve qualified intermediaries. So, if the investor is thinking to complete the 1031 exchange by himself, then he should stop bothering because the chances are negligible. We can say this is a miracle, after all more experienced and qualified person will be handling your exchange.
1031 exchange is not possible without the involvement of Qualified Intermediary, as he is the person responsible for the exchange. It is not possible for the investor to complete the exchange by himself as Qualified Intermediary is the soul of 1031 exchange and we can’t imagine an exchange without them.
The process for the exchange starts with the sale of relinquished property. For this purpose the investors need the help of Qualified Intermediary as he holds the proceeds because the investors are not allowed to touch the proceeds. As already discussed there is a deadline of 45 days to identify the replacement property. This 45 days time period is known as identification period. Suppose if the investor does not meet either the deadline and couldn’t complete the exchange within 180 days, then the property exchange will not be listed for 1031 exchange. Since time plays important role, and the involvement of Qualified Intermediary becomes more important part for 1031 exchange properties.
For consultation and assistance regarding 1031 exchange call - 888-876-6005 or email us at info@1031sponsors.com
Source https://bit.ly/2VNhgNP
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About Lisa taylor 
Tax consultant
30 connections, 1 recommendations, 102 honor points.Joined APSense since, February 5th, 2019, From Minneapolis, United States.
Created on May 7th 2019 04:55. Viewed 504 times.
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