New Snowmass Base Village Après Ski
First, your old and new property must both qualify as investment or business use. Both properties must pass this qualification, and then you can exchange almost any kind of real estate.
Second, you will have 45 days from the sale of your property to identify a list of properties you consider buying. This deadline is firm.
Third, you have 180 days to complete the closing from the time you sold the property to close on one or more of the properties you chose from on your 45 day list. Again, this deadline is firm.
Fourth, the IRS requires that you use a qualified intermediary to prepare the legal documents for the exchange. The qualified intermediary must be independent and can not be your friend, employee, broker, attorney, or accountant. The qualified intermediary will hold the proceeds from the sale until you make the qualified purchases for the exchange.
Fifth, you must take title the exact same way for the new property or properties than you had title in the property you initially sold.
Sixth, you must buy a property or properties that are equal to or more than the property you initially sold to defer all capital gains. You must also make sure you reinvest all the proceeds from the original sale to defer all capital gains.
The savings of deferring capital gains by use of a 1031 exchange can be tremendous and should be examined closely by talking to your accountant and/or attorney.Feel free to contact me by email roget@aspen-snowmass-realestate.com or by phone (970) 319-9719.
Please contact me now for great opportunities in Aspen Real Estate and Snowmass Real Estate. Please also contact me now for more information on rentals in Aspen and Snowmass Village or see my website www.aspen-snowmass-realestate.com .
I CAN HELP YOU BUY, SELL, OR RENT PROPERTIES.
Roget Kuhn Owner/ Broker-Realtor
“An Honest Approach to Real Estate and Rentals”
Aspen Snowmass Real Estate
303 1/2 E. Main St.
Aspen, CO 81611
(970) 319-9719