Video Transcript
I’m pleased to let you know that when conducting a 1031 Exchange with a property that you’re selling in the commonwealth of Kentucky, there are no additional state specific requirements added by Kentucky. You can defer your state taxes right along with deferring the federal taxes.
Since 1031 is a section of the federal tax code, it is applicable to all fifty states. So if you’re a customer that’s interested in selling a piece of real estate in Kentucky and exchanging it elsewhere, whether in Kentucky or another state, you are perfectly fine doing that through a 1031 Exchange. If you don’t use a 1031 Exchange, Kentucky will add a 4.5% tax to the already brutal federal taxes.
Now as a reminder, when conducting an exchange, it’s really important to select a Qualified Intermediary, like IPX1031 to protect your funds between the sell and the buy. One of the best things about working with IPX1031 is that we’re owned and backed by the largest provider of title insurance services in the entire world (NYSE: FNF). So when it comes to financial strength, security of funds, and protecting your money in this unregulated industry, IPX1031 is second to none in the business.
Understanding the Kentucky 1031 Exchange Process
If you have any questions about the Kentucky 1031 Exchange process or any other 1031 Exchange topic, please visit our Kentucky IPX 1031 web page at www.ipx1031.com/kentucky. We’re happy to help.
Click to visit Kentucky 1031 Exchange page