1031 Exchange Agreement Form For Export In Fairfax
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How to Do a 1031 Exchange Choose a qualified intermediary to coordinate the exchange. Sell your current real estate property. You have 45 days to identify potential replacement properties. You have 180 days to close on a replacement property. File IRS Form 8824.
Appraisals are an integral part of the 1031 exchange process as they provide an unbiased estimate of the property's value.
A Qualified Intermediary, or QI, is an independent third party to the transaction whose function is to prepare the documents necessary to create the exchange, as well as to act as the independent escrow agent for the exchange funds.
1031 Exchange Rules in Virginia 1031 Exchanges are federally recognized, and Virginia adheres to federal rules, regulations, and timelines, enabling investors to defer capital gains on qualified property exchanges.