1031 property exchange

Asked by William Numa, 02108 Thu Dec 25, 2008

given the current financial climate, does trulia get involved with 1031 property exchanges?

specifically, i (almost) own a property out of state which i would like to exhcange for a property in massachusetts, as selling it is not an option. after i identify a property locally that appeals to me (with an owner who's interested in exchanging his/her property for mine) where can i find entities/individuals willing to finance the transaction (i.e. transfer the mortgage balance from my out of state property to massachusetts) with a resulting lien on my newly acquired massachusetts property approximating 50% loan-to value?

thanks!

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3
Mary Crane, Agent, Dover, MA
Fri Dec 26, 2008
Good Morning!
I am in the process of of completing a 1031 exchange for a client of mine. I am happy to refer you to an attorney to help you. In our situation, we had to sell the first property and identify a similar property to buy within 45 days. The money was held by a 1031 exchanger and we used a mortgage broker that I have referred to sucessfully many times. Good Luck!
Sincerely, Mary
http://www.MaryCraneProperties.com
0 votes
Ed Leavy, , 31558
Fri Dec 26, 2008
William,
1031 is a tax thing. if you are looking to postpone the paying of taxes on the sale on one property by exchanging that property for another similar or like property.

Call me for details on who can facilitate the exchange. There are a number of nationally registered companies that can do this for you.

try this link for more etails http://www.irs.gov/businesses/small/industries/article/0,,id=98491,…

Ed
912-552-3436
http://www.247realtyservice.com
0 votes
Keith Manson-…, , Milwaukee, WI
Fri Dec 26, 2008
I have not done an 1031 exchange in a number of years. But the exchange as I remember was a sale of both properties. The difference was that the closing took at the same day or more currenlty the second property needs to close within a set time frame or the transactions becomes a taxable event. It is very important to get knowledgle parties involved in this transaction include a real estate agent, title company and maybe a lawyer.
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