IRS 1031 Transactions and Consultation
Although 1031 like kind exchanges can be very useful in deferring income taxes, they are not suitable for everyone or every situation. To determine if an IRS 1031 tax deferred exchange is right for you, you should consult with a qualified 1031 exchange attorney. At The Law Office of Chad Knott, we are very experienced in handling 1031 exchanges.
Real property, other than your residence, can qualify as section 1031 exchange property. One of the purposes of a section 1031 exchange is to sell real estate and purchase other real estate with the proceeds, without immediate capital gains tax obligations. Our firm can help you determine if you qualify for a 1031 exchange, and then handle the process for you.
IRS 1031 Qualified Intermediary Services
In order to successfully complete a section 1031 exchange, one must transfer the proceeds from the sale to a third party who will use the proceeds to acquire the new property for the individual and transfer the title back to them. This third party is known as a qualified intermediary. Mr. Knott is skilled in negotiating and drafting agreements to create a qualified intermediary arrangement and designate the use of a qualified intermediary in real estate closings.
If you already have an attorney to handle the 1031 exchange, Mr. Knott may serve as a Qualified Intermediary.
Contact The Law Office of Chad Knott to learn more information about IRS 1031 like kind exchanges.