1031 Tax Exchange

By
Real Estate Technology with Virginia Beach

 

I went to our local Norfolk WIRE ( women in real estate) last week and the meetings speaker was on 1031 Tax Exchange. 

1031 Tax Exchange

A 1031 Tax Exchange is when you exchange one investment property for another with tax-deferred benefits.  By doing a 1031 Tax Exchange you can receive tax benefits through deferred captial gains and accumulated depreciation recapture. 

Your funds from the sale of the investment property are wired and held in a seperate account managed by a third party.  You then have 45 days to identify the property you wish to purchase and then have 180 days to close.

Some key things to ask your 1031 Exchange :

How is the money going to be held?

Where is the money?

**Make sure you contact a tax attorney/cpa regarding your particular situation. **

I would gladly refer you to

Towne 1031 Exchange, LLC

Ute Heidenreich, Esp. President

109 E main St, Suite 700

Norfolk, VA 23510

(757) 628-6364 Phone

ute.heidenreich@townebank.net

 

 

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Rainer
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David Phelps
The Roofing Company, Inc. - Portsmouth, VA

Wow Naoma, That is a lot of information packed into to a few paragraphs! Hope your weekend was great!

Feb 22, 2009 03:13 AM #1
Rainmaker
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Naoma Doriguzzi
Virginia Beach - Virginia Beach, VA
New Media Director

Thanks David!  Getting caught up on some blogs that are past due! :)

Feb 22, 2009 03:17 AM #2
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Naoma  "Tax deferred" is the operative word - too many agents call it "tax free",  Karen

Feb 22, 2009 09:29 AM #3
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Naoma Doriguzzi

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