Real Estate Attorney for 1031 Exchanges
If you are looking to delay incurring capital gains on investment property, then Section 1031 of the Internal Revenue Code might be the solution. It takes a special law firm with years of real estate experience to properly advise and handle 1031 Exchanges. Most investors do not receive competent counsel on 1031 exchanges and miss significant tax savings. Without the proper advice, they might inadvertently make a mistake that loses them substantial tax savings.
At Klein Law Group, our Real Estate Attorneys can give you competent and reliable advice on the benefits of a 1031 Exchange.
How to Defer Capital Gains with a 1031 Exchange
Step 1: Find the Right Properties
The first thing to do is to find properties that are similar to each other. This means both the property you’re selling and the one you’re buying should be for investment purposes. Keep in mind that your regular home doesn’t count for this type of exchange. It doesn’t matter if you’re selling something like a warehouse and buying a condo; as long as it’s for investment, you’re good to go. You can swap almost any kind of investment property, whether it’s a shopping center, empty land, rental house, condo, or office building.
Step 2: Get Legal Advice
Our Real Estate Attorneys will guide you on how to buy your next investment property. There are specific deadlines for making a deal and closing the new purchase to get the tax benefit. Plus, the price of the new property must be the same or higher than what you sold the old one for to qualify for the full benefit.
Step 3: Close the Deal
Finally, our 1031 real estate exchange attorneys will help you finalize the transaction. They’ll make sure all the necessary paperwork is in order, meet the title requirements, and act as a qualified intermediary throughout the process.
Call Our Boca Raton Office Today
If you plan on reinvesting proceeds from the sale of investment property, then you may qualify for a 1031 Exchange. Klein Law Group is equipped to handle your questions and give reliable advice throughout the process. To set up a consultation and speak with a Real Estate Attorney that’s ready to protect your capital gains, call us today at 561-353-2800.
