1031 Exchange questions

[Chris Rassam]

Hi guys, I recently purchased a SFH in Northern NJ for a flip and I am looking for a a good 1031 exchange broker to work with on the resale. If investors have had a positive experience in Northern NJ, kindly connect me to that broker. Many thanks in advance.

Chris

[Bill Exeter]

Hi @Chris Rassam, 

Unfortunately, properties acquired with the intent to hold for sale such as properties acquired or rehab/flipping do not qualify for 1031 Exchange treatment. The critical issue is the properties must be held for rental, investment or business use in order to qualify for tax-deferred treatment under Section 1031 of the Internal Revenue Code. The real issue depends upon your "INTENT" for the property. If your "intent" is to acquire the property and hold for sale, it would not qualify for 1031 Exchange treatment.