Greg Smith, Esq.
Kansas, Kentucky, Missouri & Ohio
Columbus OH 43235
Cell: (614) 477-1301
Direct: (614) 559-1194
IPX1031 Midwest Office
Chicago, IL 60603
Phone: (312) 223-2369
Toll-Free: (866) 490-1031
Fax: (312) 873-3893
IPX1031 Vice President Greg Smith, Esq., earned his B.A., magna cum laude, at Kenyon College, his J.D. at The Ohio State University College of Law, and is a member of the honors fraternity Phi Beta Kappa. Greg is licensed to practice in the Courts of Ohio and the U.S. District Courts for the Southern District of Ohio. He is a published author on numerous real estate subjects including tax deferred 1031 Exchanges, 1031 rules and 1031 regulations, and frequently speaks at 1031 Exchange seminars throughout the Midwest including Kansas, Kentucky, Missouri, and Ohio.
IPX1031 Exchange Seminars
IPX1031 provides seminars for continuing education credits as well as custom and personalized seminars on tax deferred exchange topics for attorneys, CPAs, advisors, brokers, REALTORs, agents, escrow, investors and taxpayers. To find out about a seminar nearest you, or to schedule a seminar for your office, please contact me.
Start an Exchange with Greg Smith
1031 Resources & Information
1031 Tax Tip: Taxes Are Brutal
G6 Restrictions in a 1031 Exchange
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.
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With an office near Columbus, Ohio, 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, Greg Smith offers you customized solutions to defer capital gains tax and maximize equity in your 1031 like kind investment property.