Are you looking to sell your old property and invest in a new property? Are of concerned about paying capital gain taxes while selling your old property? The section 1031 is designed specifically for people like you. The 1031 exchange allows you to sell an old property and purchase a new one all while deferring capital gain taxes.
A 1031 tax-deferred exchange can only happen under appropriate conditions. You must make sure that the property you purchase is equal or higher in value than that of a property you sell. You will also need a Qualified Intermediary (QI), who will hold your funds and purchase a new property as directed by you. You will need to identify a new property within 45 days of the closing of your relinquished property (the property you sold). Finally, you will have to close in on one or more identified property within 180 days of closing of the relinquished property.
Your investment in real estate property got easier with 1031 exchange. If you are looking for investment in real estate property in Massachusetts, feel free to contact Fai exchange.