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1031 Exchange

Property owners generally have to pay taxes on the gain of a real estate sale. IRC Section 1031 makes an exception to this rule, and allows for a tax deferment on the gain if an individual reinvests all the proceeds in a “like kind” property as an exchange. The instrument includes the added benefit of allowing investors to generate higher income and savings from funds that would otherwise go to the IRS.

There are a few rules that apply:

  • The total purchase price of the replacement “like kind” property must be equal to, or greater (up to 200%) than the total net sales price of the relinquished, real estate, property.
  • The investor has 45 days from the closing of the property to designate at least 3 other properties to be acquired.
  • The investor has 180 days from the initial closing to finalize the purchase of another “like kind” property.

At Edward Voccola LLC, we routinely provide financing in the commercial mortgage industry. We have the expertise in this area to more than guide you in a 1031 exchange. The bottom line is that we can offer quick and easy solutions to your needs. For more information call (617) 233-5555.

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