HAVE YOU sold an income property in Upstate New York, Akron, Taos, Boulder or Stowe...and you want to reinvest in a subtropical and sunny beach town like Hilton Head Island, South Carolina without paying any taxes? Please go no farther....
Having done dozens of 1031 Exchanges on our own and others' properties, there are only a few basic rules that you must adhere to:
~The property sold MUST be property held for "income or investment". This CAN include certain second homes and vacant lots. Please click on the red "email me" if you have any questions as to whether your property can or could be included. It also must be "like" property, but this can mean many different things as well. (Email me if you have a second home… it just might qualify!)
~You can buy replacement property for a lesser or a greater amount. If you get any money out of the transaction, you'll be subjected to tax on the balance, but that can be OK, too.
~There is a time limit. You must make your selection/s within 45 days of closing of the sale property and you have 180 days from that sale date to actually close on the replacement property.
~You must make provisions ahead of time. If you receive your check at closing, it's too late.
South Carolina piggybacks on Federal Section 1031 rules and transfers in South Carolina are also tax-deferred from state taxes.
SO, are you ready to embark on this wonderful tax-deferred journey? PLEASE click on "View ALL Listings" (at your left in the "menu bar") and find one or many properties which might interest you! They range from expensive beachfront estates of several million dollars to condos (villas) for less than $70,000...all are properties on the gold coast of Hilton Head Island and surrounds. All these properties can afford you your tax-deferred exchange.
Properties of all types are available for your 1031 exchange, including homes, condominiums, commercial property and bare land.
Again, if you have any individual questions, please feel free to email me. There are no forms to fill out. It is private and free!