Video Transcript
Today, we’re going talk about 1031 Like-Kind Exchanges in the state of Maryland. Now 1031 is a federal tax deferral and Maryland follows federal for 1031 purposes. So there’s no special requirements in the state of Maryland if you are a resident selling investment property in the state of Maryland.
However, if you’re a non-resident selling investment property in the state of Maryland, there is a special withholding that will happen at closing. So you need to plan in advance. You need to actually submit an exemption to the state twenty one days in advance before your closing to get that exemption. Otherwise, that withholding is going happen at closing, and that interferes with your 1031 Exchange.
So if you’re a non-resident and you’re selling investment property in Maryland, please contact me. We can review the the exemption and the requirements. But you definitely need to plan in advance because twenty one days in advance, you need to get that exemption.
Understanding the Maryland 1031 Exchange Process
If you have any questions about the Maryland 1031 Exchange process or any other 1031 Exchange topic, please visit our Maryland IPX1031 web page at www.ipx1031.com/maryland. We’re happy to help.
Click to visit Maryland 1031 Exchange page