When you have owned your property for a while and it has increased in value, you may have to pay taxes when you sell. 1031 Exchanges are a way to sell your property but not pay huge capital gains taxes. Essentially you “exchange” your property for another so that the IRS is satisfied. These 1031 Exchanges have been used since the 1930s and recently became more simplified.

There are many different types of properties you can exchange but the IRS is stringent about the requirements of the exchange process. For example, you can exchange into a land trust, a large office building, or even residential rental property. But you need to work with experienced professionals to make sure all the IRS requirements are met or you may face serious tax consequences.

We have worked with many people through the 1031 Exchange process and can help you avoid unnecessary taxes so that your future is more secure. We would be glad to discuss this as part of your selling plan.