New York City 1031 Exchange Lawyer
A 1031 tax-deferred exchange allows you to defer capital gains taxes on real estate bought and sold for investment purposes. Despite its tax-saving benefits, the 1031 exchange process can create issues for commercial real estate investors.
At the Law Office of Jasleen K. Anand, we can demystify the myths surrounding the process of like-kind exchange. We can help clients find the proper escrow carrier and prevent much of the fraud that occurs with regard to like-kind property exchange. So many times, people mistakenly believe they cannot exchange vacant land for an existing building or vice versa. A 1031 tax deferred purchase doesn't just apply to existing buildings; it also applies to vacant land. We can address these and other misconceptions. Contact our New York City 1031 exchange lawyer for a free initial consultation.
Existing buildings and sometimes vacation homes can be eligible for these transfers. The IRS code explains the properties eligible within the 1031 exchange.
In a 1031 exchange, the like-kind property exchange process must be achieved within 180 days. Further, a property must be identified within 45 days of the closing of the first. In addition, all parties must communicate with one another as to the replaced property and the relinquished property. Our law firm works to ensure that there is strict adherence to the timeline.
Also, the qualified intermediary must be put in place to help administer the proper transfer of funds. In part because they are not required to be licensed, qualified intermediaries are not always scrupulous and even those very skilled in real estate have been the victims of duplicitous dealings. That is why it is important for an experienced real estate attorney to guide you through a 1031 exchange.
Contact us to learn more about the benefits of a 1031 exchange. We can meet during evenings and weekends by appointment, and we can speak both Hindi and Punjabi.
