Do you own an investment property that you are thinking of selling?

It can be Single Family or multi-family and you can basically defer the capital gains when you exchange it for Like Kind property.

A 1031 Like-Kind Exchange transaction requires planning, expertise, and support. Here’s a checklist outlining key steps in your exchange shared by IPX1031.

How to do a 1031 Exchange

1. Choose your 1031 Qualified Intermediary (QI)

2. Consult with your tax professionals

3. Include Cooperation Clause language in your purchase and sale agreement

4. QI prepares your exchange documents

5. Start searching for Replacement Property

6. Sign all documents QI prepares

7. Sell your Relinquished Property

8. Identify your Replacement Property

9. Enter into a contract on Replacement Property

10. Contact QI once Replacement Property escrow is opened

11. Close on Replacement Property

12. QI transfers funds to complete your purchase

13. Your exchange is complete