3 Tips to Follow When Looking For a 1031 Exchange Property
If you are planning to sell or purchase a property, chances are that you would be exploring the 1031 exchange option. But, why? Well, in simple terms, it’s because it helps you to defer taxes. Even though this may seem a lucrative option at first, you need to be careful. The 1031 exchange process is complicated and you need to adhere to a lot of guidelines and restrictions to be eligible for the 1031 exchange. To avoid any hassles, you should keep a few things in mind as suggested by the 1031 exchange experts. Here are some of the tips you should follow when you wish to look for 1031 exchange property: # 1 Look for multiple properties One of the first things you should do when you wish to be a part of the 1031 exchange is to look for multiple properties. Do you know why? Well, it’s because it helps you keep your options open. Since it is not always possible to lock in the deal for the first “like-kind” property you come across, you need to have a back-up plan. According to the Internal