HAVE YOU EVER CONSIDERED A TAX DEFERRED 1031 EXCHANGE?

GENERAL REQUIREMENTS:

A 1031 Exchange allows you to sell an investment property/properties and defer any capital gains taxes by purchasing a "like-kind" replacement property or properties within a certain time frame under Section 1031 of the Internal Revenue Code.

There are three (3) minimum requirements that must be met before a 1031 Exchange can be considered:

• any and all properties being exchanged must be of "like-kind";
• there cannot be a transfer of property for money only, an actually exchange must be done; and
• there are time requirements that must be followed in order to successfully qualify as an exchange.

Selecting a Qualified Intermediary

A Qualified Intermediary is a person or a company who, for a fee, acts to facilitate the deferred exchange by entering into an agreement with you for the exchange of properties.  You cannot act as a Qualified Intermediary for your own exchange. 

As your Qualified Intermediary, First Commmunity Lender Services, Inc. DOES NOT provide legal or specific tax advice to the exchanger, but will usually perform the following services: 

• coordinate with the exchangers and their advisors to ensure a successful exchange;
• assist in the preparation of all documentation on both relinquished and replacement properties;
• secure all proceeds in an FDIC insured bank account until the exchange is completed or we are otherwise instructed; and
• provide documents to transfer replacement properties to the exchangers and issue exchange proceeds to escrow.

Call us for more information about setting up a 1031 Exchange at (727) 456-5686