If you were to scrape off the outer covering of an electrical cord to your TV set, you would find a number of intertwined electrical wires.  You, the owner of the TV set and its attached electrical cord, would own all of the intertwined electrical wires in that electrical cord. When one owns real estate, they own a number of rights.  

I.R.C. Section 1031Tax Deferred-Exchanges allows the taxpayer to sell (relinquish) its investment real estate and defer paying the capital gains taxes (and other taxes) on their profits when they reinvest the proceeds into other investment Replacement Property(ies).

My primary goal as a Qualified Intermediary (QI) is to ensure that our client engages in a successful 1031 exchange, resulting in deferred capital gains taxes, etc.  1031 Exchanges are not successful every single time. So what happens when the transaction hits a glitch? Many times we find ourselves dealing with a client who wants their money back right now! Sometimes, we just can’t make that happen because there are strict 1031 Exchange disbursement rules.

As the Internal Revenue Code’s Section 1031 becomes more widely known across the country, many investors are discovering the advantages of 1031 Exchange investing.  Yet, some misinformed investors incorrectly believe that a Section 1031 tax-deferred exchange is a tax avoidance device for large corporations.  This lack of understanding undermines one of the tax code’s most effective components

Counting correct 1031 Exchange timelines is critical to successful transactions.

Today we discuss the issue of when the 45-day (for Identifying) and 180-day (last day to close on the purchase of replacement property) timelines in a Section 1031 exchange begin.

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