Why it makes sense to hire an attorney to help with your 1031 exchange
The real estate and tax professionals at Chae Law Firm, P.S. understand the intricacies of both tax law and real estate and know how to combine these two areas of expertise for the ultimate benefit of the firm’s clients. We provide real estate investors throughout the United States and internationally with personalized, advanced 1031 exchange planning and the highest quality tax audit representation.
A 1031 exchange allows you to exchange real and personal property held as an investment, or for use in a trade or business, with a property of “like-kind” (of the same nature or character), and defer capital gains and recaptured depreciation taxes.
14 Steps for your 1031 Exchange:
1. Choose your 1031 Qualified Intermediary (QI)
2. Provide the escrow and title info to QI
3. Consult with your tax professionals
4. Include Cooperation Clause language in your purchase and sale agreement, if needed
5. QI prepares your exchange documents
6. Start searching for Replacement Property
7. Sign all documents QI prepares
8. Sell your Relinquished Property
9. Identify your Replacement Property within 45 days
10. Enter into contract on Replacement Property
11. Contact QI once Replacement Property escrow is opened
12. Close on Replacement Property
13. QI transfers funds to complete your purchase (180 days)
14. Your exchange is complete
The experienced tax attorneys at Chae Law Firm, P.S. can determine if you are eligible for 1031 treatment, what property qualifies, and help you facilitate a successful like-kind exchange. Give us a call at (425) 373-9922 or contact us online.