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.
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    Tuesday, March 09, 2010