Ricky Novak, CEO of Strategic 1031 Exchange Advisors, a consulting firm and qualified intermediary that provides real estate as well as tax consulting services for clients structuring complex real estate transactions and asset dispositions, joins The Commercial Real Estate Show to discuss basis fundamentals of a 1031 property exchange. Anong the topics discussed are:
- Deadlines for identifying and closing on replacement properties
- Definition of like kind properties
- Requirements for an intermediary to hold sales proceeds
- Importance of evaluation of intermediaries
- Limits on numbers of properties that may be identified as potential replacements
- Interplay between debt and equity in transactions