1031 Exchanges | Did you know…

1031 THINGS TO KNOW… and a Q&A

Did you know that I frequently help clients navigate 1031 exchanges? Many homeowners and investors choose this strategy to defer capital gains when selling “like-kind” properties. While these properties can’t be your primary residence, they can be exchanged into a wide range of similar investment assets. Florida is a hot spot for 1031 activity, and after working as a Sarasota Realtor since 2002, I’ve facilitated countless exchanges over the years. It’s a powerful way to defer taxes—potentially for your entire lifetime—and your beneficiaries can even benefit from this tool when ownership transfers.

I recently closed a transaction in the University Park area of Sarasota where the sellers wanted to roll their proceeds into a property in Vermont to be closer to family. After closing, they asked if I could assist with the remainder of their 1031 exchange. Because I’m licensed only in Florida, I referred them to a trusted Realtor partner in that market.

For my clients, the process on my end is smooth and seamless. I either already have strong contacts in the desired destination—or I’ll personally vet and interview one to ensure my clients receive the same level of white-glove service they receive with me. My clients want to know they’re being taken care of every step of the way, and that’s something I take very seriously.

Rapid-Fire 1031 Q&A

Q: How many days after closing do you have to identify your replacement property?
A: 45 days.

Q: If I’m selling a single-family home, does the replacement property also have to be a single-family home?
A: No! Your replacement property can be a condo, townhome, multi-unit, or even a commercially zoned building. You have plenty of flexibility.

Q: Once I identify a replacement property, how long do I have to close and complete the exchange?
A: You’ll have 180 days (six months) from the date of your original closing.