Gas Station and Convenience Store 1031 Exchange
Posted by Andy Gustafson on Mon, Feb 28, 2011
This was a 1031 exchange where the taxpayer found Atlas 1031 on the web, sold a gas station and convenience store and replaced with a larger gas station and convenience store. One of the considerations was whether personal property would be exchanged. This meant storage racks, ice machine or any equipment that was not affixed to the ground. The taxpayer elected not to include any personal property in the 1031 exchange.
In the initial consultation, the taxpayer had found a replacement property that would be acquired for a higher price than the old gas station and convenience store. Following the first closing, the net proceeds were deposited with two banks, one requiring a personal identification number and the other a dual signatures to authorize disbursements. The replacement property was identified within the forty five day time frame. The replacement property closed near the end of the 180 calendar day window.
Once the final 1031 exchange documents were received a summary file was forwarded on to the taxpayer's CPA to assist with completion of IRS Form 8824.
Testimonial
"Andy made it easy. He called to check up with me and kept me informed of the next step. He helped me a lot and I didn't have to worry. This is my first 1031 exchange and I will do it again with Andy. He did a great job."
Yeun Lee
JC Shell Gas Station
Baytown, Texas
Considering selling your gas station, car wash, self storage facility or restaurant and want to understand how a 1031 exchange can benefit you? Are you a professional advisor and want to understand why Atlas 1031 Exchange is the right choice to provide Qualified Intermediary services?
The Certified Exchange Specialist on staff has been accommodating forward and reverse 1031 exchanges for professional advisor's and their domestic and non resident alien clients since 2003.
Experience matters.