Like-kind property must meet the definition set out by the Internal Revenue Service (IRS) to qualify for a Section 1031 transfer. The two assets must be of the same type but do not need to be of the same quality to qualify as like-kind property
Investors review multiple factors when identifying a property to purchase. If conducting a 1031 exchange, the pressure is only heightened by the 45-day window to identify. Limited resources and experience might prevent an investor from making the most of the tax code on the replacement property.
Clients can eliminate the idea of going it alone with access to a national network of real estate professionals that provide both turn-key solutions and customized portfolios. Advantage Wealth Solutions can maximize the investment opportunity through brokers, developers, and asset managers that will acquire replacement property for clients conducting an exchange.