All We Do is 1031 Exchange!
All We Do is 1031 Exchange!
THE 1031 EXCHANGE COMPANY (The 1031X), is a leading 1031 Exchange Accommodator assisting property owners in successfully facilitating 1031 tax deferred exchange transactions nationwide.
The relinquished property is first sold and then the exchanger has 180 days to acquire the replacement property (45 days to Identify).
The replacement property is acquired prior to selling the relinquished property. This is a complicated process – contact us to discuss your options.
This structure allows you to use exchange proceeds from the sale of the relinquished property to acquire the replacement property and make improvements to it (build on the land or improve the existing property).
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Washington state law, RCW 19.310.040, requires an exchange facilitator to either maintain a fidelity bond in an amount of not less than one million dollars that protects clients against losses caused by criminal acts of the exchange facilitator, or to hold all client funds in a qualified escrow account or qualified trust that requires your consent for withdrawals. All exchange funds must be deposited in a separately identified account using your taxpayer identification number. You must receive written notification of how your exchange funds have been deposited. Your exchange facilitator is required to provide you with written directions of how to independently verify the deposit of the exchange funds. Exchange facilitation services are not regulated by any agency of the state of Washington or of the United States government. It is your responsibility to determine that your exchange funds will be held in a safe manner.
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