Fargo 1031

1031 Exchanges

1031 Exchange Process – How to Get Started

1031 exchanges allow you to defer your capital gains taxes on the sale of real property. That sounds great, but a lot of investors don’t know how to get the ball rolling on a like-kind exchange. Here, we’ll offer a few tips for getting started with your like-kind exchange. Ready to get started with a 1031 exchange of real estate Contact one of our Fargo qualified intermediaries now to start your like-kind exchange 877.373.1031.

Starting Your Like-Kind Exchange

Conducting a 1031 exchange can seem overwhelming. Here is a quick and easy list of steps to get you started:

  1. Contact a Qualified Intermediary. Your first step in any 1031 exchange should be to contact a qualified intermediary. The earlier you involve an intermediary, the better off you’ll be. A qualified intermediary can advise you on the appropriate steps to take during your exchange, and also recommend replacement property – answering all of your questions along the way.
  2. Send Over The Necessary Information. Your intermediary will need a handful of information in order to prepare the required 1031 documents. You’ll need to send over information on yourself, the buyer/seller, as well as the involved property.
  3. Sell Your Relinquished Property. When you’re ready, it’s time to sell your relinquished property.
  4. Identify Replacement Property. After you sell your relinquished property, you have 45 days to identify new replacement property.
  5. Close on Your Replacement Property. You have 180 days total after the sale of your relinquished property to close on your replacement property.

Get Started with Your Fargo 1031 Exchange

If you’re thinking about exchanging your property under section 1031 of the Internal Revenue Code, your first step is to contact a qualified intermediary. We have been facilitating Fargo 1031 exchanges of real property for decades. With our experience and knowledge, we can walk you through your like-kind exchange and ensure you defer your capital gains taxes successfully. Contact one of our 1031 third-party administrators today to get your exchange up and running 877.373.1031.