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1 Exchange is a term used in the Real Estate Business. It is a provision on the Internal Revenue Code which allows any taxpayer to defer the tax consequence of a property sale as long as he exchanges one investment property for another similar type that is used for business or investment purposes.
It takes its name from the 1031 section of the IRS code which states that "no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment [link widoczny dla zalogowanych], if such property is exchanged solely for property of the like kind, which is to be held either for productive use in a trade or business or for investment".
So now that the meaning of the term is clear [link widoczny dla zalogowanych], let us understand a bit about how it works. First, you have to hire a personal real estate lawyer to help you in fixing legal processes involving 1031 exchange.
You can also hire a QI. This is a 3rd party that is independent and serves as a Qualified Intermediary. They are there to hold the profits from the sale of the first property that you sale until you invest it into another property(s).
A minimum of at least two properties should be involved within the transaction. You cannot use your own home to qualify for 1031 exchange code. 1031 exchange allows for one property in exchange for another like-kind. This does not refer to the condition or value of the properties, but rather that they are similar in character or nature.
There are also some strict guidelines related to time in the 1031 exchanges. These are known as the Identification Period and the Exchange Period.
The Identification Period is the time of 45 days from the actual date you "sell" your property to see the property that you want to "buy. The Exchange Period is of 180 days from the classification date up to the final closing date. It is the duration within which you must accomplish the whole exchange process.
These dates cannot be stretched according to your needs. And the deal has to be completed within the time allotted by the IRS to take benefits out of complimentary tax treatment.
For more information you can log on to the internet or else you can also seek the help of a professional real estate agent.