Illinois 1031 Exchange – What Are the Requirements for a 1031 Exchange in IL?

Hi. Anna Barsky here with IPX1031.

Today, we’re gonna talk about selling investment real estate in Illinois and getting tax deferral through a 1031 exchange. The great news about Illinois is there aren’t any specific state 1031 laws that you have to follow. It’s a federal tax savings. You could sell investment real estate in Illinois and buy investment real estate anywhere in the US to complete your exchange.

A couple things to remember. In order to get the full tax deferral, you have to one, purchase property of equal or greater value, which is essentially the contract sales price and you have to use all of the proceeds from the sale towards the purchase. If you need assistance with a ten thirty one exchange when selling investment real estate in Illinois, please give me a call.

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