Delaware 1031 Exchange – What Are the Requirements for a 1031 Exchange in DE?

Hi. My name is Brian McNulty with IPX1031. And today, we’re gonna talk about 1031 one like kind exchanges in the state of Delaware.

Now, 1031 one 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 gonna 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. We can review it together. Happy to help in any way. Thank you for your time, and have a great day.

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