The hardest part of a 1031 exchange for many taxpayers is determining where to start. Here, we are going to walk through the basic steps of a New York like-kind exchange. If you are looking to save taxes with a 1031 exchange in New York, contact our qualified intermediaries today. We will answer all of your questions, prepare the required documents for you, and make sure you hit all the required benchmarks for a successful exchange of property – 877.373.1031.
First Steps in a 1031 Exchange
When considering a 1031 exchange of real property (either personal property or real estate), the first thing you want to do is contact a qualified intermediary and provide them with all the information that they need, including:
- Your name and contact information
- Details about your relinquished property and any replacement properties you have in mind
- Information about the title company involved in the transaction
- The purchase agreement and title report
Your qualified intermediary will need more information, but this is enough to get the ball rolling. Using this information, your intermediary will begin drawing up the required 1031 exchange documents. They will also advise you on how to proceed with your exchange – specifically your deadlines, replacement property, and the like.
When you involve a qualified intermediary early in the process – before you even sell your relinquished property – you can ensure a smooth transition into your replacement property and a successful like-kind exchange.
New York 1031 Exchange Services
Having a skilled qualified intermediary at your side can make the 1031 exchange process much easier – especially if you’ve never conducted a like-kind exchange before. Our qualified intermediaries have been helping New Yorkers with their 1031 exchanges for decades. We have the knowledge and experience needed to ensure a successful exchange. Contact us today to set up your New York 1031 exchange of real or personal property – 877.373.1031.