Are you thinking about selling your old property and investing in a new property in Massachusetts? At the same time, you are worried about paying capital gain taxes? Well, no more. With 1031 tax-deferred exchange, you can easily move from one property to another without paying capital gain taxes. Many businessmen and realtors investing in properties are drawn toward 1031 tax-deferred exchanging and putting themselves on the road to wealth.
There a few conditions that you must fulfill to successfully complete a 1031 property swap and they are as follows:
- You must make sure that the property you purchase is equal or higher in value than the property you sell.
- You will also need a Qualified Intermediary (QI) to 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 the closing of the relinquished property.
Your investment in real estate property has got easier with 1031 exchange. If you are looking for investment in real estate property in Massachusetts, feel free to contact Fai exchange.