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We provide 1031 exchanges for sophisticated real estate investors.
Internal Revenue Code Section 1031 is one of the single greatest wealth-building tools available to the real estate investor. IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of qualifying like kind exchange. Gain deferred in a like kind exchange under IRC Section 1031 is tax-deferred.
Both the relinquished property you sell and the replacement property you buy must meet certain requirements. Both properties must be held for use in a trade or business or for investment. Property used primarily for personal use, like a primary residence or a second home or vacation home, does not qualify for like kind exchange treatment.
Like-kind property is a property of the same nature, character, or class.
There are four types of 1031 tax deferred exchanges:
Delayed | Simultaneous | Reverse | Improvement
Whether utilizing a Delayed, Simultaneous, Reverse, or Improvement Granite Exchange has the experience and expertise necessary to guide you successfully. Contact us to discuss how to protect and grow your wealth.
While a like kind exchange does not have to be a simultaneous swap of properties, you must meet two time limits, or the entire gain will be taxable. The first limit is that you have 45 days from the date you sell the relinquished property to identify potential replacement properties. The second limit is that the replacement property must be received and the exchange completed no later than 180 days after the sale of the exchanged property.
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