Video Transcript
I’m pleased to let you know that when conducting a 1031 Exchange with a property that you’re selling in the state of Ohio, there are no additional state specific requirements of the state of Ohio. You can defer your state taxes right along with deferring the federal taxes. Since 1031 is a section of the federal tax code, it’s applicable to all fifty states. So if you’re a customer who’s interested in selling a piece of real estate in Ohio, whether you’re buying in Ohio or in another state, you’re perfectly fine doing that through a 1031 Exchange.
If you don’t use an exchange, Ohio will add a 3.99% tax onto the already brutal federal taxes.
Now it’s important to select a Qualified Intermediary like IPX1031 to protect your funds in between the time that you sell property and go out and buy property. One of the best things about working with IPX1031 is that we’re owned and backed by the largest provider of title insurance in the entire world (NYSE: FNF). So when it comes to financial strength and protecting your money in this completely unregulated industry, IPX1031 is absolutely second to none in the business. For more information, please visit our website and thank you for your time today.
Understanding the Ohio 1031 Exchange Process
If you have any questions about the Ohio 1031 Exchange process or any other 1031 Exchange topics, please visit our Ohio IPX1031 web page at www.ipx1031.com/ohio. We’re happy to help.
Click to visit Ohio 1031 Exchange page