Jackson, Wyoming & Surrounding Areas
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1031 Resources & Information
How does a 1031 Exchange work?
Exchange pitfalls. What should I be aware of?
Should I do a 1031 Exchange?
A 1031 Exchange has to be a good business decision for you. It can’t be just about deferring taxes. My job is to help you understand how an exchange works, the potential benefits, options and opportunities so you are armed with the facts you need to make that decision.
What are the benefits of doing an exchange?
It’s not just about tax deferral! Most people don’t realize how many benefits there can be to a 1031 Exchange, and it really varies depending on your needs and situation. Do you want to diversify your investment properties, or consolidate them? Do you need cashflow from income producing property, or would you rather reduce management hassles by exchanging into vacant land? Perhaps you need commercial space to run your business, or would rather own rental properties closer to home. Call me at (307) 231-2542 to learn how a 1031 Exchange could work for you.
Am I limited to buying and selling in one state for my 1031 Exchange?
You can buy Replacement Property in any of the 50 states and the District of Columbia, and in certain circumstances you can exchange into investment property in the U.S. Virgin Islands, Guam, and the Northern Mariana Islands. Property in Puerto Rico and American Samoa are not eligible for a 1031 Exchange. In addition, US taxpayers selling a foreign property (such as rental real estate in Vancouver, Canada) and buying other foreign property (commercial property in Toronto) can utilize a 1031 Exchange, as foreign property is considered like kind to other foreign property.
What happens if my Replacement Property is less than my sales price of my Relinquished Property?
To defer all of your capital gains taxes, you need to buy Replacement Property for equal or greater value. This means if you are selling investment property for $1 million, you need to buy Replacement Property (or properties) for $1 million or greater. Factors such as your gain, profit, net proceeds, or mortgage payoff amount are not considered when determining the reinvestment amount. You can also do a “partial exchange,” where you buy Replacement Property for lesser value, as long as you buy above the adjusted basis of your Relinquished Property. You will pay capital gains tax on any exchange proceeds you don’t reinvest and take out as “boot,” but this can be a great solution if you need cash for some other purpose, but still want to defer a significant amount of your capital gains.
Does Wyoming have any special 1031 rules or 1031 regulations?
No, there are no restrictive rules for 1031 for Wyoming.
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Nancy Hughes & IPX1031 are a winning combination.
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With an office in Jackson, Wyoming, 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, Nancy Hughes offers you customized 1031 solutions in Wyoming and Idaho to defer capital gains tax and maximize equity in your 1031 like kind investment property.