Maryland 1031 Exchange – What Are the Requirements for a 1031 Exchange in MD?

Hi. My name is Brian McNulty with IPX1031. And today, we’re gonna 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 nonresident 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 gonna happen at closing, and that interferes with your 1031 exchange. So if you’re a nonresident 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.

So if you have any questions about 1031 exchanges in Maryland, please call me or contact me. I’m happy to answer any questions you have, and I look forward to speaking with you. Thank you so much.

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