What are the "nuts and bolts" of a 1031 exchange? How does a 1031 Exchange work exactly? Are there certain guidelines I need to follow to complete my 1031 Exchange? Are there any time restrictions for completing a 1031 Exchange? What are the requirements for replacement properties? How do I know which replacement property option is best for me? Which companies have the best replacement properties? Is a Tenant-in-Common property a good fit for me? Why should I consider an Oil & Gas property? What are the benefits of exchanging rather than just paying the taxes? Do I have to be in a 1031 Exchange in order to invest? What do you charge for your services?	Are there certain guidelines I need to follow to complete my 1031 Exchange? Yes. The IRS guidelines are very specific. Your potential exchange must meet the following requirements. Like Kind: The replacement property you acquire must be "like kind" to the property you relinquish. A rental house can be exchanged for another type of investment real estate, for instance, or even some types of oil and gas properties. Productive Use: Both your relinquished property and your replacement property must be held for "productive use" in a trade or business, or for investment purposes. However, property acquired for immediate resale will not qualify for a 1031 exchange. In addition, your personal residence will not qualify. Exchange Requirement: You must exchange your relinquished property for new investment property within the IRS-specified timeframe. You cannot sell your property for cash with the intent of using the money to buy replacement property at some later, undetermined time. ExchangeWorks can help you facilitate your exchange to ensure that you meet the specific requirements of the IRS code. We would be happy to answer any questions you may have. Feel free to contact us today! 866.347.1031 toll-free
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