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