Remember these four steps so your next 1031 Exchange is 100% tax deferred:
– Qualify: Make sure the properties qualify for a 1031 Exchange. Properties used for business or investment purposes within the U.S. qualify.
– Replace: Re-invest all of your cash and purchase a property of equal or greater value.
– Identify: Identify your potential replacement property (or properties) on day 45.
– Close: Make sure you acquire your replacement property on or before day 180.