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Allison McCloskey Escrow Company provides many escrow services including 1031 tax exchange. Allison McCloskey Escrow Company can explain these 1031 property exchange rules in Spanish or Vietnamese. The escrow company has been operating since 1946 and is well versed in the laws governing 1031 exchange properties. Sometimes referred to as 1031 exchange real estate, it is the last tax shelter available. What is a 1031 exchange? 1031 exchange is when you use proceeds from the sale of one property towards the purchase of another. However, there are 1031 exchange rules. When choosing a new property to purchase it must be a 1031 like kind exchange. 1031 exchanges must be identified as like kind within forty five days of purchase of the new property. Within these forty five days of 1031 property exchanges, an identification of a property may be revoked if done so in writing. In addition in order to gain this 1031 tax free exchange you must close the second property in one hundred and eighty days. While a 1031 tax exchange does not require an intermediary it is suggested to retain one. With tenant in common 1031 exchanges the property must be held for two years. For further explanation of this 1031 exchange rule please contact Allison McCloskey Escrow Company. |