David Moore of Equity Advantage, nationally recognized leader in 1031 Exchange facilitation, answers when the time is to contact a 1031 expert. It’s imperative that investors know how they can best use 1031 exchanges, and the timelines they need to follow in order to get their best benefits.
It’s essential to contact a 1031 exchange expert before closing. If you have actual or constructive receipt of the funds, you’re going to have tax exposure. That means if you have a closing and money is escrow, you have the ability to touch the money, and you’ve got a taxable event…It’s best if we can talk as soon as you decide to sell it, because then we can evaluate how the property is owned and figure out where you want to go. – 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.