- Simultaneous- When both relinquished and replacement properties closed escrow the same day.*
- Delayed- After the relinquished has closed escrow, the replacement property must be identified within the first 45 days, and purchased within 180 days.*
- Reverse- Allows the purchase of the replacement property to close escrow before the relinquished property closes escrow. The relinquished property must be identified within 45 days after escrow has closed on the purchase property, and the sale must close escrow on later than 180 days.*
- Build to Suit- Allows the taxpayer to construct improvements on the replacement property during the course of exchange.*
- Personal Property- An exchange involving personal property, (e.g. airplane for an airplane, boat for a boat or a restaurant business for a restaurant business), to be used for investment or the productive use on a trade or business.
*Each type of Exchange involves special rules and requirements promulgated from the IRS. Remember, all 1031 Tax-Deferred Exchanges must be set up prior to the close of escrow. Please call me at (626) 215-2671 to discuss the details of your Exchange. I am always pleased to answer any questions you might have regarding your Exchange.