Mississippi 1031 Exchange Requirements
Mississippi 1031 Exchange Requirement
The four requirements for all
mississippi 1031 exchanges include:
The exchanger must reinvest 100% of the monies earned by the sale of the relinquished mississippi commercial property into the replacement mississippi commercial property or mississippi commercial properties.
The amount of equity ( mississippi commercial property value minus loan amount) held in any replacement mississippi commercial property must equal or exceed that held in any mississippi commercial property relinquished during the exchange.
Third Mississippi 1031 Exchange Requirement: The third requirement of Section mississippi 1031 exchanges is that you must use a Qualified Intermediary (QI). The QI prepares the exchange documents, holds the cash proceeds from the sale, and should answer any questions you may have during the exchange.
Fourth Mississippi 1031 Exchange Requirement: Both relinquished and replacement mississippi commercial property must be held for productive use in a trade or business or held for investment and mississippi commercial property must be like-kind. Like-kind refers to the nature of the mississippi commercial property. The IRS definition of Like-Kind is any mississippi commercial property held for productive use in a trade or business or held for investment purposes.
In order to complete your next mississippi 1031 exchange or TIC exchange, contact us today. We can put you in contact with a specialized mississippi 1031 expert at no cost to you.