Tracey Wilson and Danita Vigil, 1031 Exchange Expert
Tracey Wilson, CES®
Colorado, Wyoming & Utah
Start an Exchange with Danita Vigil and Tracey Wilson
1031 Resources & Information
How does a 1031 Exchange work?
Exchange pitfalls.What should I be aware of?
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
Tracey is by far the best 1031 Exchange expert in town. He is extremely smart and has the ability to break down a very complicated process of doing a 1031 exchange into simple terms that anybody can understand. He is extremely generous with his time and allows you to contact him anytime if you have just a quick question or an emergency with a deal that needs to be handled. He is extremely creative in tailoring solutions to cater to each individual clients needs/situation. I would recommend Tracey to anybody looking to get 1031 exchange advice or in need of a 1031 exchange facilitator. He is by far the best in town.
Tracey is THE expert on 1031 Exchanges and has a great team behind him to get the deal closed. I would highly recommend him to anyone needing knowledge on this type of transaction. He is a huge resource to our clients and can deliver a class on taxes in a fashion that I have not seen before. His classes are energized, educational and fun.
Tracey can talk about taxes and economics in a way that has the class attendees asking for more. In the music industry this would be called an encore :a demand for repetition or reappearance made by an audience:
Aside from his knowledge and expertise he has the reputation of always wanting to help. I am glad to have him as a partner of Heritage Title Company.
Tracey is my most favorite instructor for 1031 Exchanges. He knows this business inside and out. He can make the subject educational and entertaining at the same time. His knowledge and experience make him a valuable resource for my clients. He is able to assist them through the complicated process of 1031 Exchanges and investment stragegies with ease. If anyone is considering buying or selling investment properties, they should call him immediately! He can save them time, money and energy!
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