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1031 Resources & Information
Is a Qualified Intermediary (AKA accommodator or QI) needed?
Yes. To avoid a taxable sale of the Relinquished Property, the use of an intermediary in virtually every 1031 transaction should be utilized. In addition, the Exchanger must enter into written agreements with the QI before the Relinquished Property is sold.
What is Like Kind Property? Can I sell my rental house and buy a 4plex? Can I sell my vacant lot and buy an office building?
Yes, you can buy ANY kind of business or investment real estate, anywhere in the US. The “like-kind” requirement does not mean selling and buying the same exact type of property. In an IRC §1031 transaction, you can exchange real property for virtually any other real property in the United States, as long as the property is held for productive use in a trade or business or for investment purposes. You can sell a rental house and buy apartments, commercial, industrial, mini storage, vacant land, agricultural, etc.
Can I get an extension on the 45-day identification period for my 1031 Exchange?
No, unless you are eligible for an extension due to a federally declared disaster, the IRS doesn’t have any provisions for extensions or exceptions – not even to the next business day if the deadline falls on a weekend or holiday. The best way to get more time is to start looking for your Replacement Property well before the closing of your sale property or to extend the closing date on your sale property.
Do I have to buy from the properties I’ve identified in my 1031 Exchange?
Yes. During the 45 days you can change what you’ve identified, but once your identification period has expired, you must buy from only that list. No substitutions or changes after day 45. The rules under section 1031 are very strict.
Can I use money from my 1031 Exchange to improve the new Replacement Property after I buy it?
The day you take title to the property is the end of the exchange for that property. If you have cash left over, that is taxable boot. There is something called a Build-to-Suit or Improvement Exchange, where we, as the intermediary, take title to the property to make the improvements before you take ownership. This is also a more expensive and complicated transaction.
What My 1031 Customers Are Saying
I am highly impressed with the level of expertise and professionalism expressed by Anna and her co-workers. I always worry about giving out referrals as it never seems to work out but with IPX and Anna I never have to think twice.
Anna has continually been a great resource for me to use in the brokerage business whether it has been with a client or just asking questions. She is the first person I recommend to my clients before selling their property. Anna is thorough, knowledgeable, and someone I can count on to make sure my clients get the best possible services needed when transacting. In the ever changing real estate market, it is imperative to understand who you are dealing with and that you can count on them to get the deal done. I would recommend Anna to anyone who is looking for a 1031 intermediary.
I’ve worked with Anna for 6 years, and anytime I get the chance to refer a client her way I do. She is extremely knowledgeable about her product and industry. Her communication and outreach to clients is outstanding, so I always rest assured that they are in good hands when navigating through an Exchange. Anna is a true professional and dedicated to helping her clients complete their transactions successfully. If anyone is thinking about a 1031 Exchange, she should be your contact.
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Anna Barsky & IPX1031 are a winning combination.
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With offices near Chicago and Milwaukee, IPX1031, the nation’s largest exchange facilitator and accommodator, provides industry leading exchange services including guidance, expertise, security and key information on 1031 Exchange rules, regulations and strategy. 1031 Exchange expert, Anna Barsky offers you customized solutions to defer capital gains tax and maximize equity in your 1031 like kind investment property.
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