Video Transcript
Today, we’re here to talk about how to get the full benefit of the tax deferral when selling investment property in the state of Minnesota. The good news is that Minnesota doesn’t have any specific rules or regulations limiting a 1031 Tax Deferred Exchange. That is actually part of our federal tax code. So the same rules apply in Minnesota as they do all over the country. So if you’re selling investment property in Minnesota, you can actually purchase your Replacement Property anywhere in the country.
In order to get the full benefit of the tax deferral, there are two main things that you’d like to do. One, you want to purchase investment real estate that’s equal or greater in value than what you’re selling based off of the contract sales price. And two, you want to reinvest all of the proceeds from that sale towards the purchase first. So if you sell for one hundred, you want to purchase for one hundred or more and reinvest all of those proceeds from the sale towards the purchase first.
If you are in fact selling any property in Minnesota and would like to do a 1031 Exchange, please feel free to reach out to me. Or if you simply have questions regarding what would apply in Minnesota, I’m more than happy to help. It’s my goal actually to be your 1031 resource. Thanks.
Understanding the Minnesota 1031 Exchange Process
If you have any questions about the Minnesota 1031 Exchange process or any other 1031 Exchange topics, please visit our Minnesota IPX 1031 web page at www.ipx1031.com/minnesota. We’re happy to help.
Click to visit Minnesota 1031 Exchange page