What’s the step-by-step process to legally execute a 1031 exchange? If I have some funds coming to me and I want to turn it around and put it in another opportunity, I want to ensure it’s not a taxable event. Thoughts?
Get with a Qualified Intermediary (QI) to help execute your 1031. You must tell your title company on your sale that you are doing a 1031 and they will handle the paperwork and sending the proceeds to the QI .. You can not touch any of the money form your sale. When you go to find your replacement property , you have 45 days (from your date of sale) to ID , and then 180 days to close. There are certain guidelines you have to follow when ID properties .
If you have further questions feel free to reach out , and I also have a couple of QI recommendations if you need them