What is a 1031 exchange?
A 1031 exchange, also called a like-kind exchange, is an IRS provision that allows you to defer paying capital gains taxes when you sell an investment property by reinvesting the proceeds into another qualifying investment property. The exchange must follow strict timelines and rules. You typically have 45 days to identify potential replacement properties and 180 days to close on one. The properties must be held for investment or business use, not personal residence. A qualified intermediary must hold the funds between the sale and purchase. The specifics depend on your situation and a licensed CPA should confirm, and Jon can connect you with one.
Specifics depend on your situation and should be confirmed with a CPA or tax professional. Jon can connect you with one: text (623) 826-0888.
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Meet Jon Hegreness
Jon Hegreness
REALTOR / Associate Broker · Howe Realty
AZ License BR540940000
Full-time Phoenix North Valley REALTOR and Associate Broker with 24 years in Arizona residential real estate. A negotiator and problem solver who works the way you would want a friend in the business to work: direct, on your side, and steady through the parts that get complicated.