North Carolina 1031 Exchange Requirements
In order to incur all the benefits of a
tenants in common exchange, each exchange must satisfy all of the requirements.
First, 100% of the monies earned on the sale of the relinquished north carolina income property must be reinvested into the second north carolina income property.
Second, the debt on the like kind replacement north carolina income property must be equal to or greater than the debt held on the relinquished north carolina income property.
Third North Carolina 1031 Exchange Requirement: The third requirement of Section north carolina 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 North Carolina 1031 Exchange Requirement: Both relinquished and replacement north carolina income property must be held for productive use in a trade or business or held for investment and north carolina income property must be like-kind. Like-kind refers to the nature of the north carolina income property. The IRS definition of Like-Kind is any north carolina income property held for productive use in a trade or business or held for investment purposes.
In order to complete your next north carolina 1031 exchange or tenants in common exchange, contact us today. We can put you in contact with a specialized north carolina 1031 advisor at no cost to you.