Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...
1031 TAX DEFERRED EXCHANGE PROCESS
1. 1031 TAX DEFERRED EXCHANGE PROCESS
•Establish Value of the Down Leg Property being sold
•List out comparable properties sold
•Discuss advantages/disadvantages of subject property that may affect the
value and desirability of the property
•Estimate Amount of tax due if exchange not performed
•Discuss Basis with client’s tax advisor
•Identify Exchange Accommodator to be used
•Establish fees involved
•Outline time frame
•Identification period (45 days)
•Close Up Leg Property (within 180 days of closing down leg property)
•Preview potential Up Leg Properties
•Identify Properties within Time Periods
•Close on Selected Property within the Time Period