Like-kind exchanges can be incredibly beneficial to any taxpayer looking to sell real estate or personal property. The 1031 like-kind exchange is a method of tax deferral on the sale of property in the United States. Give us a call today to talk about the details of your 1031 exchange – 612.643.1031.
Mankato 1031 Exchanges
With a 1031 exchange, you can sell a piece of property and avoid paying capital gains taxes on that sale by moving your sales proceeds into a replacement property. It sounds simple, but there are a handful of regulations you need to follow in order to ensure the success of your exchange:
- Time Deadlines. Exchanges must be completed within 180 days starting after the sale of your relinquished property.
- Like-Kind Requirement. All of your property needs to be like-kind.
- Investment or Business Use. There is also a held-for requirement that says your property must be held for investment or business purposes. Property that you hold primarily for personal use is excluded outright from 1031 treatment.
You can also exchange into and out of different industries (as long as your property is like-kind). For example, you can exchange out of an apartment building in North Mankato, and into a hotel in downtown Mankato.
Qualified Intermediaries in Mankato
Speaking with an experienced qualified intermediary about your impending exchange is the best way to ensure a successful transaction. Watch the video below to learn more about qualified intermediaries and how they can help with your exchange:
1031 Exchange Resources
Information is key to making the best decision regarding your like-kind exchange. Here are a few resources for you to peruse while you research your 1031 exchange options:
1031 Exchange Company in Mankato, MN
The important first step in any 1031 exchange is to contact a qualified intermediary to discuss your exchange. A like-kind exchange intermediary can advise you on how to complete a successful exchange, help you find replacement property, and prepare all of your 1031 exchange documents so you don’t have to. Our team of 1031 exchange professionals have decades of experience facilitating exchanges in Mankato and the southern Minnesota region. Contact our Mankato qualified intermediaries today to get started with your 1031 exchange of real estate – 612.643.1031.
