Click to visit Delaware 1031 Exchange page
Video Transcript
Today, we’re going talk about 1031 Like-Kind Exchanges in the state of Delaware. 1031 is a federal tax deferral and Delaware follows all the 1031 rules and regulations. So if you’re a resident of Delaware, you just follow the 1031 rules and regulations and you’ll be fine.
However, if you’re a non resident selling investment property in Delaware, there is a withholding you need to be aware of and you need to plan for. At closing, your settlement agent’s going to withhold funds unless you you fill out a declaration form stating that you get an exemption. And 1031 is a valid exemption, so you need to work in advance with your settlement agent if you’re a non resident selling investment property in Delaware to make sure that declaration is filled out and submitted at closing so they will not withhold those funds from you at closing.
It is complex, so please feel free to give me a call and we can review it together. Happy to help in any way. Thank you for your time and have a great day.
Understanding the Delaware 1031 Exchange Process
If you have any questions about the Delaware 1031 Exchange process or any other 1031 Exchange topic, please visit our Delaware IPX 1031 web page at www.ipx1031.com/delaware. We’re happy to help.
Click to visit Delaware 1031 Exchange page
