David Moore of Equity Advantage, nationally recognized leader in 1031 Exchange facilitation, answers how long 1031 exchange rules give you to sell your property. It’s important to understand the details of 1031 exchanges rules when selling a property, from delayed and reverse exchanges to deadlines and timeframes.
Are There 1031 Exchange Options That Give Me More Flexibility?
Well, really, nothing is going to extend the timeline, short of a presidentially-declared national disaster. We can’t extend things out, but maybe instead of doing just a strict reverse exchange, maybe you could tie up a property with a lease option. And the same thing could happen on disposition, so it’s really the trigger timelines and transfer dates. If the benefits and burdens of ownership shift, that’s going to start a hardline time. And as soon as we’re in those hardline time periods, as I said, short of a presidentially- declared national disaster, you’re not going to have extensions. It’s really critical that you get things done in those timelines. – David Moore, Equity Advantage
If you’re thinking of selling your property, work with a broker who understands 1031 exchanges. Call René Nelson at 541-912-6583.