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Helping investors save money and maintain equity.
Buying and selling property can be a great investment. However, property investors may lose equity when the sale of the property requires capital gains taxes. With the 1031 Exchange servcies, sometimes called “Starker Exchange,” individuals are allowed to sell an investment property, or properties, of equal or greater value while deferring any payment of capital gains to the IRS.
Velocity Title’s 1031 Exchange services help investors maintain their equity and save on taxes through tax-deferred exchanges.
Here’s how it works:
Exchangors must identify potential replacement properties within 45 days from the date of sale of the property that is being replaced. One of these identified properties must be purchased with closing occurring no later than 180 days from the relinquished property’s sale date, or the due date for income taxes (with extensions) for the year that the subject property was sold.
During the time between sale and purchase, the proceeds of the sale from the relinquished property are held by a Qualified Intermediary. A Qualified Intermediary must be a person, or company, that has not acted as an agent for the Exchangor in any capacity, for the previous two years. Velocity Title will:
- Act as your Qualified Intermediary
- Process your exchange in conjunction with your closing
- Provide a streamlined and seamless transaction—sign all of your documents with no extra steps, and no hoops to jump through