West Virginia 1031 Exchange – What Are the Requirements for a 1031 Exchange in WV?

Hi. My name is Claudia Kiernan with IPX1031,

and today we’re going to talk about 1031 exchanges in the state of West Virginia.

Section 1031 is a federal tax code, which means you can complete an exchange by selling and buying investment property anywhere in the United States. However, if you are a non resident selling investment property in West Virginia, there is a withholding you need to be aware of and plan for well in advance of your closing.

As a nonresident, your settlement agent is required to withhold funds from your sale unless you complete form WVNRAE and submit it to the West Virginia State Tax Department along with a letter from your qualified intermediary no later than twenty one days before your closing.

If you have any questions about this or any other 1031 exchange topic, please visit our IPX website or contact me directly. I’m happy to help. Thank you.

Let's Talk About Your Specific 1031 Needs

Customized solutions for your 1031 investment and business goals.

Pin It on Pinterest