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An IRC Section 1031 Exchange enables the investor(s) to defer the taxes when the sale proceeds are reinvested in like-kind replacement property of equal or greater value.
A 1031 Exchange benefits investors who want to keep their capital invested rather than losing equity to taxes. Preserving capital increases the investor's buying power, especially through enhanced leverage.
A 1031 Exchange is not applicable to all types of property sales. The property must have been held primarily for investment or business purposes. Personal use property such as a primary residence would not qualify under Section 1031. Examples of types of properties that may qualify are: commercial sites, farmland, apartment buildings or motels, residential rental properties, vacant land, vacation homes under certain circumstances, certain oil and gas interests, among others.
To accomplish a valid 1031 Exchange, the Exchanger(s) must use a 3rd party intermediary, also known as a Qualified Intermediary or an Accommodator, to facilitate the transaction. A Qualified Intermediary must be a neutral 3rd party, thus cannot be the seller's attorney, CPA or real estate agent.
Hess & Carlman, LLC
30 E. Simpson - P. O. Box 449
Jackson, WY 83001
307-733-7881
Kuvinka & Kuvinka
70 E. Simpson
Jackson, WY 83001
307-733-6611
Paul O. Vaughn, PC
P. O. Box 4128
Jackson, WY 83001
307-733-7792
Summit 1031 Exchange, LLC
1110 Maple Way, 2nd Floor
PO Box 9369
Jackson, WY 83002
(307) 732-1031
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