From the date of closing the sale of your property you will have 45 calendar days to identify your replacement property and 180 calendar days to complete the purchase.
Like Kind Test
The Replacement Property and Relinquished Property must be “like kind” which is very broadly interpreted and means that both must be held either for use in a trade or business or for investment, but the properties do not have to be similar in service or related in use. A condominium can be exchanged for a rental dwelling or a shopping center for an office building. Any investment or business property can be exchanged for any other investment property or business property.
Generally, "like kind" in terms of real estate, means any property that is classified real estate in any of the 50 U.S. states or Washington, D.C., and in some cases, the U.S. Virgin Islands.
Exchange your non income producing property and purchase income producing real property.
Tenants In Common (TIC) Delaware Statutory Trusts (DST) & UPREIT are additional options.
Sparks 1031 EXCHANGE Solutions
Mailing Address Post Office Box 1142 Blairsville, GA 30514
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