1031 Exchange replacement property must be identified within 45 days and
acquired within 180 days of the sale of the relinquished property. To be
eligible for a safe harbor tax deferral the proceeds must be held by a
qualified intermediary between the time of the relinquished property’s sale and
the purchase of replacement property.
are several types of exchanges: Delayed, Improvement, Reverse and Parking
Arrangements. Wolterman Law Office has expertise in all of these. Each is a
multi-step process and our attorneys will guide you through the following:
§1031 states that the relinquished and replacement property must be
“like-kind.” If the property is being
used for investment and income purposes, and not as a primary residence, it can
be exchanged. Here are the types of
property which the IRC recognizes to be like-kind:
- Selling the Property
will inform you of your exchange options, prepare and organize the required documentation,
and notify you of important dates during the exchange process.
- Identifying a Replacement Property
Law Office will prepare all necessary forms. IRC §1031 requires that
identification of a replacement property take place within 45 days.
- Purchasing a Replacement Property
the guidance of our attorneys, you will purchase the replacement property
within 180 days of the sale of the relinquished property. Wolterman Law Office will transfer the
proceeds from the sale of the relinquished property to your escrow company. Upon
closing you will receive the deed to the replacement property.
Family Rentals (including multi-family)
Leasehold interest (30+ years)
Recreational Properties (select)
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