Margo Rosenthal, Esq.
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1031 Resources & Information
How much does it cost to do a 1031 Exchange?
Exchange pitfalls.What should I be aware of?
Can I exchange my primary home, vacation home or second home?
A vacation home can qualify as investment property if you limit your personal use to 14 days per year or 10% of the actual rental period, whichever is greater. Your primary residence or second home does not qualify for 1031 Exchanges. Click here for more information
How do I know if a 1031 Exchange is right for me?
1. Will you have capital gain on the sale of your property?
2. Do you want to continue to own real estate?
3. Have you spoken to your tax advisor?
Are there any special 1031 rules or 1031 regulations for Michigan?
There are no special rules or regulations for Michigan. However keep in mind that Michigan is not a community property state. If property is held by husband and wife (H and W), both H and W must purchase the Replacement Property. If just H or W owns the property to be sold, only H or W can purchase Replacement Property. Because there are specific vesting rules for a 1031 Exchange, be certain to work with your tax advisor.
What property types can be exchanged into and out of? What is Like Kind Property?
Virtually all real estate is like kind for 1031 purposes. However, your primary residence or a second home will not qualify for a 1031 Exchange because these are personal use properties. Click here for more info.
Can I get an extension for my 1031 Exchange?
The 1031 deadlines are very strict. There will be no extension if the deadline falls on a weekend. You will not receive an extension for your birthday or for a national holiday. Only federally declared disasters may extend the 1031 deadlines. For more info click here
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Margo Rosenthal & IPX1031 are a winning combination.
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With an office near Detroit, 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, Margo Rosenthal offers you customized solutions to defer capital gains tax and maximize equity in your 1031 like kind investment property.