Video Transcript
Today we are going to talk about 1031 Exchanges in the state of West Virginia. Section 1031 is a federal tax code, which means you can complete an exchange by selling and buying investment property anywhere in the United States. However, if you are a non resident selling investment property in West Virginia, there is a withholding you need to be aware of and plan for well in advance of your closing.
As a nonresident, your settlement agent is required to withhold funds from your sale unless you complete form WV/NRAE and submit it to the West Virginia State Tax Department along with a letter from your Qualified Intermediary no later than 21 days before your closing.
Understanding the West Virginia 1031 Exchange Process
If you have any questions about the West Virginia exchange process or any other 1031 Exchange topics, please visit our West Virginia IPX1031 web page at www.ipx1031.com/westvirginia. We’re happy to help.
Click to visit West Virginia 1031 Exchange page