1031 Exchange Services in Amarillo, TX

What is a 1031 Exchange?

A 1031 Exchange helps you swap one investment property for another and delay paying taxes on your profits. The IRS lets you do this if the properties are “like-kind”—meaning they’re similar in use, like trading one building for another.

How Does a 1031 Exchange Work?

When you sell a property, you can avoid paying taxes right away if you buy another property of equal or greater value. But there are rules:

1. Like-Kind Properties: The new property must be similar to the one you sold. For example, you can’t trade a car for a building, but you can trade an office for a warehouse.
2. 45-Day Identification: After selling, you have 45 days to choose the property you want to buy.
3. 180-Day Closing: You must finish buying the new property within 180 days of selling the old one.
4. Qualified Intermediary: You can’t touch the money from the sale. A neutral third party holds it until you buy the new property.

Why Choose Mays for 1031 Exchange?

Mays Inc. specializes in helping Amarillo investors navigate 1031 Exchanges. We know the local market and can help you make smart property decisions. With our experience, we ensure your exchange goes smoothly, helping you build wealth through real estate.

Executing a 1031 Exchange correctly can be complex and challenging. If you’re feeling overwhelmed or unsure about the process, we’re here to help. Our team offers comprehensive 1031 Exchange services to guide you every step of the way, ensuring a smooth and compliant transaction. Reach out to us for expert assistance.