Regional Manager.
Marie has been specializing in 1031 Exchanges for over 18 years and is an adjunct professor at the University of New Haven where she teaches Business Law.
Marie C. Flavin, Esq.
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Rules & Timelines – IPX1031
New York 1031 Exchanges
IPX1031 offers a comprehensive guide to navigating 1031 Exchanges in New York, providing valuable insights into tax-deferral benefits, regulations, and effective strategies for real estate investment.
1031 Exchange Rules in New York
Investors can defer capital gains taxes on New York real estate investment sales through IRC Section 1031. 1031 Exchanges are federally recognized, and New York adheres to federal rules, regulations, and timelines, enabling investors to defer capital gains on qualified property exchanges.
New York offers diverse investment opportunities for tax deferral, including properties like short-term rental vacation properties, retail spaces, mixed-use developments, and more. If you’re exploring a New York 1031 Exchange, consult with the experts at IPX1031 for guidance and support.
What is a 1031 Exchange in New York?
1031 Exchanges in New York enable investors to divest from investment property, reinvesting proceeds into new investment properties, and deferring capital gain and other taxes, provided adherence to all rules and regulations.
To mitigate capital gain taxes in a New York exchange, investors are advised to: 1) acquire property of equal or greater value, 2) reinvest all equity in the Replacement Property, and 3) secure equal or greater debt on the Replacement Property.
Types of Properties that Qualify for a 1031 Exchange in New York
To qualify for a 1031 Exchange, Relinquished and Replacement Properties must be qualified as “like-kind,” and the transaction must be structured properly. “Like-kind” properties must be real property held for productive use in the investor’s trade or business or for investment.
Popular like-kind property options in New York include hotels, storage facilities, rental vacation properties, nursing homes, strip malls, golf courses, office buildings, and parking lots.
Hotels & Hospitality
Multifamily
Agriculture
Industrial
Rental & Vacation Homes
Retail
Mixed Use
Commercial
How to Do a 1031 Exchange of Property in New York
Executing a 1031 Exchange in New York, like anywhere else, demands planning, expertise, and support. Here’s a checklist outlining key steps in your exchange:
- Choose your 1031 Qualified Intermediary (QI) – IPX1031, as your Qualified Intermediary (QI), will prepare the documentation for the 1031 Exchange, and most importantly, safeguard your exchange funds
- Consult with your tax professionals
- Include Cooperation Clause language in your purchase and sale agreement
- IPX1031, your QI, prepares your exchange documents
- Start searching for Replacement Property
- Sign all documents IPX1031, your QI, prepares
- Sell your Relinquished Property
- Identify your Replacement Property
- Enter into contract on Replacement Property
- Contact IPX1031, your QI, once Replacement Property escrow is opened
- Close on Replacement Property
- IPX1031, your QI, transfers funds to complete your purchase
- Your exchange is complete
Ready to Get Started on Your 1031 Exchange In New York?
Ready to Get Started on Your 1031 Reverse Exchange in New York?
1031 Exchange New York Timeline
For your 1031 Exchange in New York, here’s what you need to know about the timeline process, deadlines, and other requirements:
- Property must be held for investment
- Buy Replacement Property for equal or greater than sold for, reinvest all proceeds and replace the value of the debt
- Identify Replacement Property within 45 days of close of sale
- Purchase Replacement Property within 180 days of close of sale
- Must sell and buy property that is considered “like-kind” to each other
- Process must be handled by a Qualified Intermediary (QI) like IPX1031
Selecting a Qualified 1031 Exchange Intermediary in New York
IPX1031 stands as your reliable New York Qualified Intermediary, dedicated to New York clients while extending Qualified Intermediary services across the nation. Your selection of a Qualified Intermediary is pivotal for the success of your exchange, emphasizing elements such as the security of exchange funds and the proficiency of personnel.
IPX1031 provides financial safeguards, ensuring secure fund transfers and maintaining a sterling reputation, thereby facilitating a streamlined exchange process. It’s important to note that disqualified individuals from serving as Qualified Intermediaries include those who have acted as your employee, attorney, accountant, investment banker or broker, or real estate agent or broker within the two-year period before the transfer date of the Relinquished Property.
Furthermore, Qualified Intermediaries are unable to dispense tax or legal advice, hence the necessity to seek personalized guidance from your legal and tax advisors. IPX1031 collaborates closely with your advisory team to guarantee seamless exchanges.
Attorneys
Tax Advisors
Realtors
Financial Planners
Commercial Brokers
CPAs
Title/Escrow/Settlement Agents
Lenders
IPX1031 Exchange Offices in New York.
PH: (914) 273-7160 TF (877) 230-1031
FAX: (914) 273-8104 TFF: (888) 310-1868
84 Business Park Drive, Suite 109, Armonk, NY 10504
Learn more about each of our New York Exchange experts below:
Let's Talk About Your Specific New York 1031 Needs
Customized solutions for your 1031 investment and business goals.
Is there an IPX1031 office in New York near me?
IPX1031, the national leader in 1031 Exchange QI services, is pleased to offer service in all cities, counties, and areas throughout New York, including:
New York city
Hempstead town
Brookhaven
Islip
Oyster Bay
Buffalo
North Hempstead
Babylon town
Rochester city
Yonkers
Huntington
Ramapo
Syracuse
Amherst
Smithtown
Albany
Greece
Greenburgh
Cheektowaga
Clarkstown
Colonie town
New Rochelle
Mount Vernon
Tonawanda town
Schenectady
Southampton town
Utica
Clay
Hamburg town
White Plains
Hempstead village
Union
Troy
Irondequoit
Rye town
Orangetown
Niagara Falls
Binghamton city
Perinton
Henrietta
Poughkeepsie town
West Seneca
Webster town
Lancaster town
Mount Pleasant
Freeport
Cortlandt
Valley Stream
Is there an IPX1031 office near me? IPX1031, the national leader in 1031 Exchange QI services, is pleased to offer service in all US states including Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, Wyoming Search for your closest 1031 agent and 1031 office location here.