Fairhaven Realty
Fairhaven Realty
Fairhaven Realty, a br of Lakeway Realty, Inc.

Q & A 1031 Tax Exchanges

Posted on April 1, 2010
Clouds are building on this Thursday, April 01, 2010. A strong windstorm from the south is predicted for Friday morning/afternoon in Bellingham, WA  followed by some cold, wet weather…anything else new?  

QUESTIONS AND ANSWERS ON 1031 TAX EXCHANGES (continued from previous blogs).
I bought property as a single person and I would like to acquire the replacement property together with my spouse-how should this be done?
The most conservative way is to stay consistent and complete the exchange the same way it was started and to add the spouse after the completion of the exchange. An exception can be made if there is a lender requirement that the spouse has to be added in order to qualify for a loan. If an exchange is planned well ahead of time, another solution would be to add the spouse to the title of the currently held property. Timing should be discussed with the CPA.

 *Information gathered/quoted from the National Association of REALTORS® online library-1031 Exchange-FEA (Federation of Exchange Accommodations)

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Fairhaven Realty, a Branch of Lakeway Realty Inc. | 1100 11th Street, Bellingham, WA 98225 | Office: 360-676-8990 | Fax: 360-734-5109
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