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The 1031 tax-deferred exchange is a process that allow a taxpayer to use capital gains (profits) earned from one real estate transaction for the purchase of a “like kind” investment without penalty. Of course, certain conditions apply: Properties must of “like kind” meaning the old property must have been an investment or commercial property if he/she is looking to purchase an investment or commercial property. Total capital gains earned from transaction must be reinvested into the new property or is subject to taxation. New investment property must be identified by the seller within 45 days of the closing of old property Seller must take possession of the new property with 180 days of the closing on the old property All transactions must go through a Qualified Intermediary. Always consult with your attorney, CPA or other financial professional for qualified intermediaries in your area and specifics on your transaction.
Jackie Ricks-Sample, ABR, CRS, GRI, RRS, SFR Sun Realty 1500 S. Croatan Hwy / PO Box 1630 / Kill Devil Hills, NC 2948 Phone: 252-441-8011 | Toll Free: 800-801-7861 | Cell: 252-202-8011 | Fax: 252-441-7184 Email: JackieSample@SunRealtyNC.com
Jackie Ricks-Sample, ABR, CRS, GRI, RRS, SFR
Sun Realty
1500 S. Croatan Hwy / PO Box 1630 / Kill Devil Hills, NC 2948 Phone: 252-441-8011 | Toll Free: 800-801-7861 | Cell: 252-202-8011 | Fax: 252-441-7184
Email: JackieSample@SunRealtyNC.com
