Cape Coral Florida's Real Estate Guide

With a 1031 Exchange, when you sell a business or investment property, you can defer the taxes that are normally due at the sale. 

The are 6 basic requirements:

1.    Your property must be held for investment.
2.    Once your property is sold, you have 45 days to identify replacement property or properties, in writing.
3.    You have 180 days to close the sale on those properties.
4.    You must use a qualified intermediary.  Basically, an unrelated third party.  This entity is responsible for the funds.
5.    Title requirements.  The owner must title the new property the same as the sold property.
6.    All cash processes must be reinvested and property or properties being purchased, must be equal or greater value.
Remember, the 1031 Exchange only defers taxes, however, if you eventually purchase the house of your dreams with your investment monies, you can homestead that property, and never pay capital gains again.  Call me and let me help get you started. 
 
Patti Davis
Broker Associate
Sellstate Advantage Realty
239-980-2116
pdavis@sellstate.com

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