1031 Requirments    

1031 Exchange Requirements

1031 Exchange Requirement

There are four distinct requirements applicable to all 1031 exchanges :

  • In order to qualify as a 1031 exchange, 100% of the monies earned through the sale of any rental property must be reinvested in the replacement rental property.

  • Also, the amount of equity held in any like kind rental property for reinvestment must be greater than or equal to that of the relinquished rental property.

  • Third, each property owner must use a Qualified Intermediary (QI) to oversee the transaction. A QI is a qualified individual that prepares the paperwork, holds all proceeds from the transaction, and provides any technical advise on the exchange process.

  • Finally, all 1031 exchanges require the exchange of like kind rental property for other like kind property. A definition of such may be found in IRS 1031 tax code.

    For more information on 1031 exchanges or tenant in common 1031 exchanges, or to be put in contact with a licensed 1031 realtor, contact us today!

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    Wednesday, March 10, 2010