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Click ‘Get Form’ to open the 1031 Exchange Closer Handbook in our platform.
Begin by reviewing the 'Purpose of this Handbook' section to understand the objectives and key terms related to §1031 exchanges.
Navigate to the 'Opening a §1031 Exchange' section. Fill in the required fields such as Exchanger's name, contact details, and closing officer information.
Proceed to complete the 'Exchange Requirements' section. Ensure all necessary documents are signed before closing, as these convert your transaction into an exchange.
Utilize the 'Closing an Exchange' sections for detailed instructions on both selling relinquished property and purchasing replacement property. Follow each step carefully, ensuring all forms are filled accurately.
Finally, review the 'Exchanger Checklist' to confirm that all steps have been completed correctly before finalizing your exchange.
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Eligibility for a 1031 Exchange is dependent on the exchanges timeline and the Same Taxpayer Rule. To qualify, the replacement property must be identified within 45 days, and the exchange must be completed within 180 days of the relinquished propertys transfer.
What is the 75% rule for 1031 exchanges?
The 75% guideline offers a practical benchmark: If you acquire at least 75% of the fair market value of the identified property and its nature and character remain the same this may help support an argument that the substantially the same requirement is satisfied.
How long does it take to close a 1031 exchange?
Avoid Capital Gains Tax: By continuously reinvesting in like-kind properties through multiple 1031 exchanges, you can defer capital gains taxes indefinitely, essentially avoiding them until you choose to cash out.
How to end a 1031 exchange?
Key Dates and Actions in the 1031 Exchange Timeline In the first 45 days of selling your original property, you must identify your like-kind property. Then, you must complete the entire exchange within the next 135 days. The whole process can take no longer than 180, total.
How to close a 1031 exchange?
Your best bet to stop a 1031 exchange is to ask your QI to return proceeds from the sale of your relinquished property within 45 days after closing. The further you move into the process, the more complex and costly it could be if you change your mind.
2024 Cited by 1 If you meet certain quali- fying use standards, you may qualify for a tax-free ex- change (a like-kind or section 1031 exchange) of one.
The 1031 Exchange Handbook: New Construction Edition. Focused exclusively on new construction scenarios, this handbook breaks down complex 1031 exchange.
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