Does anyone know a good tax advisor who is versed in 1031 Exchanges? I have a client who wants to take advantage of this tax incentive. Thanks for the info!
A 1031 exchange is a great way to defer tax to another day and ultimately skip paying it all together.
There are many rules involving 1031 exchanges - however the 2 main dates to remember are 45 and 180
You must identify the property that you will purchase within 45 days
You must close on the property within 180 days
The sale must be done with the use of a 1031 intermediary. This means that the proceeds from the sale of the property go into an escrow account held with the 1031 intermediary.
Did your client have any specific questions?