1031 Exchange Real Estate in Lamont

A 1031 exchange allows someone who owns investment or business real estate to sell it and buy like-kind replacement property while deferring capital gains tax, provided certain rules are followed. The two most important rules are about time. The clock starts when the relinquished property closes: by day 45 the possible replacements must be named in writing, and by day 180 the purchase must be complete. During that period, a qualified intermediary holds the sale proceeds so you do not receive them directly, and your tax advisor explains how the exchange affects your particular situation. Real Estate Agent Lamont handles the real estate side and explains each part of it as we go. Our part includes marketing the property you are giving up, locating and comparing possible replacements, negotiating the new purchase and timing both escrows to your exchange dates. Since six weeks can disappear quickly, we usually begin reviewing replacement possibilities before the first sale closes, and we write purchase contracts with timelines that fit within the 180 days. Orchards, vineyards, rentals, shops and land held for investment may all play a part. We do not provide tax or legal advice or promise any tax outcome; our focus is making sure the property work is understood and completed on time.