Claudia Kiernan, Esq. CES®
Virginia, West Virginia and Florida
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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
It was my great pleasure to present Claudia Kiernan at the South Broward Board of Realtors and her outstanding class on 1031 tax deferred exchanges. Claudia is not only knowledgeable and experienced, she is personable and able to communicate so well with those in the Real Estate profession. I have received countless compliments about her and know I will be asking for a repeat performance in the near future. In addition, I have facilitated many closings with IPX1031 and can vouch for the professionalism, timeliness and knowledge. Thank you for all you do,
Please be advised that I have known Claudia Kierman, Esq, for approximately 15 years. I have attended several of her most informative seminars both in Jacksonville and Tampa. She is an outstanding speaker and her seminars are outstanding including her explanations for any questions that are requested. Her demonstrations of 1031 Exchange Topics continue to bring value to anyone who attends. I look forward to attending additional seminars with Claudia. There are rule changes and added information that is very important to be up-dated when working with a 1031 Exchange customer.
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Claudia Kiernan & IPX1031 are a winning combination.
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With an office near Jacksonville and Orlando, 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, Claudia Kiernan offers you customized solutions to defer capital gains tax and maximize equity in your 1031 like kind investment property.
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