Video Transcript
I’m pleased to let you know that when conducting a 1031 Exchange with a property that you’re selling in the state of Missouri, there are no additional state specific requirements added by the state. You can defer your state taxes right along with deferring the federal taxes. Since 1031 is a section of the federal tax code, it is applicable to all 50 states. So if you’re a customer that’s interested in selling a piece of real estate in Missouri, whether you want to buy again in Missouri or another state, you’re perfectly fine doing that through a 1031 Exchange.
If you don’t use a 1031 Exchange, Missouri will add on a 4.95% tax onto the already brutal federal taxes. Now as a reminder, when conducting an exchange, it’s important to select a Qualified Intermediary like IPX1031 to protect your funds between the sell and the buy. One of the best things about working with IPX1031 is that we’re owned and backed by the largest provider of title insurance services in the world (NYSE: FNF). So when it comes to financial strength, security of funds, and protecting your money in this completely unregulated industry, IPX1031 is absolutely second to none in the business.
Understanding the Missouri 1031 Exchange Process
If you have any questions about the Missouri 1031 Exchange process or any other 1031 Exchange topics, please visit our Missouri IPX 1031 web page at www.ipx1031.com/missouri. We’re happy to help.
Click to visit Missouri 1031 Exchange page