Replacement Property - In a 1031 exchange, a replacement property, or properties, must be designated within 45 days of the sale of relinquished property. The replacement property, or properties, chosen within the 45 days must go to settlement within 180 days of sale of relinquished property. If not the 1031 is dissolved. The only penalty is the capital gain tax.
Example properties - "Like-Kind" is what it is all about. Like-kind refers to a property's nature or character. i.e. - Multi-units, apartment complexes, raw land, shopping malls, storage centers, warehouses, parking lots, office buildings, hotels, single family, farms, etc. One may chose any like-kind property or properties to replace his relinquished property
It is important to note that Steve Kappre is not a tax accountant or an attorney and only offers this information in regards to his personal experience. Consult your personal 1031 exchange consultant for your personal needs and scenario.
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Steve Kappre is a Certified Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group, serving the South Jersey* area. Steve specializes in;
- All areas concerning First-Time buyers; First-Time Buyer mortgages, grants, down payment assistance, tax credits, police and fire loans, rehab loans for first time buyers, and more.
- Reverse Mortgages for seniors age 62 or older.
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