Southern Utah’s 1031 Exchange Expert
Southern Utah’s steady growth in recent years has made it a popular place for investors interested in investment properties. A strong economy, increased construction and high demand for real estate make this market perfect for your investment to grow.
As a full service Realtor, I am ready to provide the expertise on the steps of the 1031 exchange process that can save you up to 30% in capital gains. This frees up significant money that can be used to leverage your portfolio. I have the experience to help you sell and buy your next investment property.
I have teamed up with 1031 Pros, LLC as my 1031 intermediary company of choice to help my clients with their personal transactions. Like me, they offer the best service and knowledge in the industry. 1031 Pros offers free consultation for any questions you may have regarding your potential 1031 exchange.
Call 801-403-9474 or visit www.my1031pros.com for more information about 1031 tax deferred exchanges.
How a 1031 Exchange Works:
A 1031 exchange, also known as a Like Kind Exchange, allows a property owner to defer all capital gains taxes from the sale of an investment property when they use a qualified intermediary (1031 Pros) to buy another investment property of equal or greater value. This allows investors to increase their property holdings without paying more taxes during the sale. It's called a 1031 exchange because the tax rules are spelled out under section 1031 of the Internal Revenue Code.
Step 1: Seller opens escrow on the sale of the property
• Contact 1031 Pros to setup the exchange 801-403-9474.
• Ownership of the Relinquished Property is transferred to 1031 Pros.
• Ownership is then immediately transferred to the buyer of the Exchanger's property.
• At the close of escrow the proceeds are wire transferred from escrow to a bank designated by 1031 Pros.
• Funds are held in a separate dual signature account setup for each specific transaction.
Step 2: Identification Period
• Within 45-days of closing on the sale of the property, the replacement property must be identified. Up to 3 properties can be identified.
Step 3: Purchase Replacement Property
• Within 180 days from the close of escrow on the Relinquished Property, the Replacement Property must be purchased.
• Exchange proceeds will be wire transferred from the bank to the escrow handling the closing of the Replacement Property.
• Ownership to the Replacement Property is immediately transferred to 1031 Pros.
• Ownership of the Replacement Property is then immediately transferred to the Exchanger to complete the exchange.
For most of us, our home is our biggest investment. When it is time to sell, my experience can help you get the return you deserve. To find out more about how to sell your home effectively, please contact me anytime.
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