1031 exchange:
When the Clock Starts Ticking
There are two main deadlines that must be met to successfully defer taxes using IRC section 1031. Both deadlines start ticking on the date that the relinquished property is transferred by the exchanger. The exchanger must then identify, in writing, the replacement property(ies) within 45 days and acquire the replacement property(ies) within 180 days. Importantly the date of transfer is counted as day ZERO. For example: if property is transferred on November 16 then the 45th day ends on December 31 and the 180th day ends on May 15 of the next year. Remember these deadlines are hard and fast , even if your deadline falls on a holiday or weekend.
We are here to maximize your tax savings on real estate investments. The sooner you call us the more effective we can be.
FAQs
Capital Gains Tax Example An example of how capital gains is estimated in a ...Read More
Can I exchange a business--UPS Store Example It is possible to exchange a business-but there ar ...Read More
Capital Gains State Tax Rates Find the Capital Gains Tax Rate for your state! ...Read More
How Often can I take Advantage of the Tax Exclusion Under IRC section 121? 121 tax exclusion ...Read More
200 Percent Identification Rule What if the property value increases? Is the ID v ...Read More
Subdividing question Can I subdivide? ...Read More
Tax Free Cash How can I take cash out? ...Read More
Capital Gains Exclusion??? Mixing up Section 121 and Section 1031 ...Read More
More on Capital Gains Question about Capital Gains. ...Read More
Taking Cash Out of a 1031 exchange What about taking cash out of a 1031 exchange? ...Read More
Accumulated Depreciation How do I handle depreciation? ...Read More
Lease Options How do I handle rent money? ...Read More
Dual Use of Property Primary residence and? ...Read More
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