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1031 Exchange Information

Thinking of selling? CLICK HERE to find out what your multi-family investment property could sell for in today's market

*The following is for informational purposes. We highly recommend that you consult with a tax professional*

So what is 1031? Generally stated, a 1031 exchange (also called a like-kind exchange or a Starker) is an exchange of one investment asset property for another. Although most exchanges are taxable as sales, if you come within 1031, you’ll either have no tax or limited tax due at the time of the exchange.

Here is the IRS definition: Under Section 1031 of the United States Internal Revenue Code (26 U.S.C. § 1031), a taxpayer may defer recognition of capital gains and related Federal income tax liability on the exchange of certain types of property. In 1979, this treatment was expanded by the courts to include non-simultaneous sale and purchase of real estate, a process sometimes called a Starker exchange. 

 

Requirements for IRC Section 1031 Exchanges

 

TIMELINE REQUIREMENTS

Measured from when the relinquished property closes, the Exchangor has 45 days to nominate (identify) potential replacement properties and 180 days to acquire the replacement property. The exchange is completed in 180 days, not 45 days plus 180 days.

IDENTIFICATION RULES

As an Exchangor, you are required to provide in writing an “unambiguous description” of the potential replacement property prior to midnight on the 45th day (after the close of the first relinquished property). A legal description or property address will suffice. If you wish to identify or purchase multiple properties, you must follow one of the following guidelines:

  • Identify up to three properties of any value with the intent of purchasing at least one.
  • Identify more than three properties with an aggregate value that does not exceed 200% of the market value of the relinquished property.
  • Identify more than three properties with an aggregate value exceeding 200% of the relinquished property, knowing that 95% of the market value of all properties identified must be acquired.
  • A submitted purchase agreement is considered a sufficient identification.
  • Any properties purchased and closed within the 45-day time period qualifies as an identification.

 

Basic Timeline:

Day 1: You have closed on the sale of your investment property.

Day 45: Deadline for identifying up to three like-kind properties for purchase. 

Day 180: Deadline to complete the purchase of the new property(s) in order to qualify for a 1031 Exchange.

You have six months from the day you closed escrow on the sale of your original property to successfully meet the 1031 Exchange requirement for the IRS. 

 

1031 Facilitators in Washington:

  • IPX 1031

Delaware Statutory Trust Info (preferred vendors):

  • Real Estate Transition Solutions
  • Madrona Financial Services

 

 

Newest Puget Sound Area Multifamily Property Listings

2808 SW Genesee Street, Seattle image
2808 SW Genesee Street, Seattle — White & Manning's Addition $599,999

Attention investors! Turnkey duplex, perfect for 1031 exchange buyers. Convenient North Delridge location, easy commute to downtown, I5/I90. Each unit has 2 bedrooms, a f...

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  • 2048243 MLS
  • ACTIVE Status
Courtesy of RE/MAX Metro Realty, Inc.

Listing courtesy of RE/MAX Metro Realty, Inc..

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7329 15th Avenue NW, Seattle image
7329 15th Avenue NW, Seattle $1,800,000

Location, location, location!! Ballard 7-plex with strong income stream offered at 5.17% cap rate. Property is zoned NC255 which allows for up to 55’ of development pot...

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  • 2046766 MLS
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Courtesy of Windermere Real Estate Co.

Listing courtesy of Windermere Real Estate Co..

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34013 1st Circle S, Federal Way image
34013 1st Circle S, Federal Way $850,000

Excellent investment opportunity in solid condition. Turnkey 4-plex in the Panther Lake complex with updated roof & double pane windows. Apartment style units with 1 bed...

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  • 2048962 MLS
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Courtesy of COMPASS

Listing courtesy of COMPASS.

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8440 S 266th Street, Kent image
8440 S 266th Street, Kent $1,274,000

Modernized cash flowing property!! Quartz counters, recessed lighting & all new flooring in all units! Maintained meticulously; a hard to find, private, condo-style build...

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  • 2039430 MLS
  • ACTIVE Status
Courtesy of Global Real Estate Group

Listing courtesy of Global Real Estate Group.

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8815 Fauntleroy Way SW, Seattle image
8815 Fauntleroy Way SW, Seattle — Fauntleroy Park $1,100,000

The views from each floor are truly astounding. Scan for Orca's. Watch the ferry lights drift across from Vashon. Sunsets? Oh yes... every night. Walk along the beach pic...

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  • 2048873 MLS
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Courtesy of Windermere R E Mount Baker

Listing courtesy of Windermere R E Mount Baker.

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405 NW Market Street, Seattle image
405 NW Market Street, Seattle — Ballards Add to Gilman Park $1,500,000

Awesome opportunity to own this income generating 4-plex in the heart of highly sought after Ballard! Low maintenance & close to restaurants & shopping make this a desira...

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  • 2048618 MLS
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Courtesy of RE/MAX Elite

Listing courtesy of RE/MAX Elite.

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1006 S 206th Street, Des Moines image
1006 S 206th Street, Des Moines $899,000

Amazing Investment Property, it's a single-family home but lives like a duplex. Remodeled mid-century on a magical lot. Fresh beachy Scandinavian vibe. Each level feature...

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  • 2047932 MLS
  • ACTIVE Status
Courtesy of Windermere RE/Capitol Hill,Inc

Listing courtesy of Windermere RE/Capitol Hill,Inc.

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4517 Fremont Avenue N, Seattle image
4517 Fremont Avenue N, Seattle $1,995,000

The Woodland Place Apartments offers investors the opportunity to own a well maintained building within blocks of Fremont’s commercial core. Located on the corner of Fre...

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  • 2047880 MLS
  • ACTIVE Status
Courtesy of Westlake Associates, Inc.

Listing courtesy of Westlake Associates, Inc..

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504 S 111th Street, Seattle image
504 S 111th Street, Seattle $829,000

Look no further than this handsome home in Highline! First impressions are everything and the fresh exterior paint really enhances the curb appeal. Step foot inside to fi...

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  • 2047466 MLS
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Courtesy of Windermere Real Estate/East

Listing courtesy of Windermere Real Estate/East.

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4206 Dayton Avenue N, Seattle image
4206 Dayton Avenue N, Seattle $1,300,000

Well maintained 4-unit apartment building located in Seattle’s desirable Fremont neighborhood. Units are in rent ready condition. Currently, all units are being operated ...

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  • 2046925 MLS
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Courtesy of Paragon Real Estate Advisors

Listing courtesy of Paragon Real Estate Advisors.

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6202 Carleton Avenue S, Seattle image
6202 Carleton Avenue S, Seattle $1,700,000

: 6-unit turn key apartment in Georgetown. Jackson went through a full studs out renovation with new interiors, systems, roof and windows. This is a legacy asset with tru...

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  • 2046435 MLS
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Courtesy of Kidder Mathews

Listing courtesy of Kidder Mathews.

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945 N 163rd Street, Shoreline image
945 N 163rd Street, Shoreline $899,000

Don’t miss this opportunity to purchase a great long term investment duplex in the heart of Shoreline. Each unit features custom kitchen cabinets w/tile backsplash, main ...

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  • 2046349 MLS
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Courtesy of Coldwell Banker Bain

Listing courtesy of Coldwell Banker Bain.

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93 E Boston Street, Seattle image
93 E Boston Street, Seattle $2,375,000

Well-located at the corner of Yale Ave E and E Boston Street in the Eastlake neighborhood, this property at 93 E Boston is ready for the vision of new owner-ship. On th...

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  • 2046256 MLS
  • ACTIVE Status
Courtesy of Westlake Associates, Inc.

Listing courtesy of Westlake Associates, Inc..

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4220 - 4240 McKinley Avenue, Carnation image
4220 - 4240 McKinley Avenue, Carnation — Tolt $3,450,000

Excellent and rare opportunity to own income earning multiplex(es) in growing community of Carnation. Three 4-plexes side by side. Seller prefers to sell all 3 togeth...

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  • 2045960 MLS
  • ACTIVE Status
Courtesy of COMPASS

Listing courtesy of COMPASS.

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7430 7432 NE 129th Street, Kirkland image
7430 7432 NE 129th Street, Kirkland $2,398,000

Stunning Luxury Duplex! Nestled into nature, From the first step inside you're welcomed by soaring vaulted ceilings, lavish trim & hardwoods. ENSUITES ON MAIN w/walk in c...

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  • 2045016 MLS
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Listing courtesy of Keller Williams Realty Bothell.

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18909 47th Avenue S, SeaTac image
18909 47th Avenue S, SeaTac $1,150,000

4-plex with updated kitchens, bathrooms & flooring. Close to Seatac Airport and I5, Monthly Income from Coin operated laundry . Long time tenants with very little tu...

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  • 2045912 MLS
  • ACTIVE Status
Courtesy of Realtyall.com

Listing courtesy of Realtyall.com.

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2131 S Graham Street, Seattle image
2131 S Graham Street, Seattle $1,098,000

Options galore! Welcome to this ideally located and fully remodeled home. This unique home offers 2800 sqft of living space where you can live upstairs with 3 bed 2 bath ...

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  • 2045019 MLS
  • ACTIVE Status
Courtesy of Globenex Realty

Listing courtesy of Globenex Realty.

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8201 Aurora Avenue N, Seattle image
8201 Aurora Avenue N, Seattle — Lot 1 thru 4 $4,900,000

Excellent location! North Seattle 33 units that can be converted to Multi-Family. Highway 99, high traffice, highest and best use is Multi-Family Apartment. Close to Seat...

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  • 2044642 MLS
  • ACTIVE Status
Courtesy of Better Properties NW

Listing courtesy of Better Properties NW.

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16526 Aurora Avenue N, Shoreline image
16526 Aurora Avenue N, Shoreline — Lot:3 $2,999,000

Great Hwy 99 Location! Excellent opportunity 22 units Motel that can be converted to a Multi-Family in City of Shoreline. High traffic. Highest and best use is probably...

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  • 2044632 MLS
  • ACTIVE Status
Courtesy of Better Properties NW

Listing courtesy of Better Properties NW.

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22515 10th Avenue S, Des Moines image
22515 10th Avenue S, Des Moines — Des Moines Two-Acre Trs $1,058,000

Don't miss your chance to discover all of the opportunities this one-of-a-kind home in Des Moines has to offer! Currently split into three separate living spaces, this ho...

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  • 2039207 MLS
  • ACTIVE Status
Courtesy of John L. Scott Des Moines

Listing courtesy of John L. Scott Des Moines.

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The database information herein is provided from and copyrighted by the Northwest Multiple Listing Service (NWMLS). NWMLS data may not be reproduced or redistributed and is only for people viewing this site. All information provided is deemed reliable but is not guaranteed and should be independently verified. All properties are subject to prior sale or withdrawal. All rights are reserved by copyright.

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6553 California Ave SW, Suite B

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Charles Burnett, Principal


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