Tax Free Deferral through an Arizona Property 1031 Tax Exchanges offers a way to preserve the wealth that you have worked so hard to accumulate and in turn grow your investment assets by reinvesting the deferred tax savings into other Arizona Investment Properties.
In a typical Arizona Deferred Exchange, the taxpayer sells a business or investment property and acquires a Replacement Property of equal or greater value within 180 days.
The Arizona 1031 Exchanger must identify the property to be purchased (generally called the “Replacement Property”) within 45 days following the sale of the Relinquished 1031 Property. You the taxpayer may generally identify three properties as a potential 1031 Exchanges Replacement Properties, or more under alternate rules of identification.
You must obtain the Arizona Exchanges Replacement Property within 180 days following the sale of the Relinquished Tax Property, which must be identified property, subject to the rules listed above.
Contact our Mesa real estate attorneys today and find out about the 1031 exchange to see if it can apply to your next sale.
Wayne Gardner, Attorney
Mesa, Arizona 85213