Video Transcript
Today we’re here to talk about how to get the full benefit of a 1031 Tax Deferred Exchange within the state of Iowa. The good news is that Iowa does not have any specific rules or regulations limiting the benefits of a 1031 Exchange. In fact, you could actually sell investment property anywhere in the state of Iowa and purchase anywhere in the country. The same rules apply as Section 1031 is part of our federal tax code.
Now in order to get the full benefit of the 1031 Exchange, the two main things that you want to make sure are happening are, one, that you’re purchasing a Replacement Property that’s equal or greater in value than what you’re selling based off of the contract sales price, and two, that you’re reinvesting all the proceeds from the sale towards the purchase first. So if you’re selling for a hundred, you want to purchase Replacement Property for a hundred or more and use all those proceeds from the sale towards the purchase first.
If you are in fact selling any investment real estate in Iowa or have any questions about Iowa or what would qualify in the state of Iowa, feel free to reach out. I’m more than happy to help answer any questions and facilitate your 1031 Exchange. In fact, it’s actually my goal to be your 1031 resource. Thanks.
Understanding the Iowa 1031 Exchange Process
If you have any questions about the Iowa 1031 Exchange process or any other 1031 Exchange topics, please visit our Iowa IPX1031 web page at www.ipx1031.com/iowa. We’re happy to help.
Click to visit Iowa 1031 Exchange page