1031 Exchange requires an official and qualified intermediary that can ensure the legality of the transaction between a property or business owner and the investor that is interested in making a 1031 exchange.
GRANITE BAY, CALIFORNIA, United States, 14th Mar 2023 – Granite Exchange, a full service 1031 exchange firm, is offering their intermediary services for the 1031 exchange of properties and businesses to real estate investors. Granite Exchange serves as the qualified intermediary for the entire exchange process and also provides a service that allows investors to calculate the timeline within which the exchange needs to take place in order to be exempt from taxes.
1031 exchange is a legal procedure that gets its name from Section 1031 of the Internal Revenue Code. This procedure allows people to sell their investment properties or businesses, and exchange them for new ones. The capital gained between the sale of the original property or business and the replacement property or business is exempt from taxes.
The 1031 exchange for sale of business or property can only take place on ‘like kind’ properties and business ventures. It is also important to note that the Internal Revenue Service states the limitations within which vacation properties can be utilized for the 1031 exchange.
There are no limitations to how often the 1031 exchange can be utilized for properties and businesses. This service can be availed to increase capital indefinitely, as long as each property or business is held for a minimum of two years. There are certain rules about the 1031 exchange investment real estate, however, that should be kept in mind.
For instance, there is a timeline within which a replacement 1031 exchange investment property needs to be acquired after the sale of the original one. The timeline gives the investor 45 days from the point of sale on the original property to nominate potential properties that they want to exchange and 180 from the point of sale to finalize and acquire the replacement property mentioned in the official document submitted at the 45-day mark, which states the nominated property.
About Granite Exchange
Granite Exchange is a Utah-based limited liability company that serves as a complete 1031 qualified intermediary. They have over 30 years of experience in the finance, real estate, and 1031 exchange industry. They are one of the most trusted and qualified intermediaries for 1031 exchange, and they are dedicated to helping their clients reach all of their financial goals through the means of this property exchange service.
Organization: Granite Exchange Services
Contact Person: Media Contact
Address 1: 5925 Granite Lake Dr.
City: GRANITE BAY
Country: United States
Release Id: 1403232778
The post Granite Exchanges Launches Their 1031 Exchange Intermediary Services for Investors appeared first on King Newswire.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Economy Lane journalist was involved in the writing and production of this article.