Over the last several years the Charleston, South Carolina real estate market has shown an appreciating market for 1031 exchange properties. From Myrtle Beach, Pawleys Island, Mt. Pleasant, Kiawah Island to Hilton Head, investors continue to buy and sell South Carolina real estate. Tax deferred 1031 exchanges have been used by these investors to defer recaptured depreciation and federal capital gains taxes when selling and reinvesting into real and personal property.
Since 2003, the Certified Exchange Specialist on staff has provided qualified intermediary 1031 tax deferred exchange services to professional advisor's and their clients. These exchanges often include build to suit or improvements to commercial and vacation properties such as build outs, construction of new buildings on adjacent land and refurbishing of vacation properties. Other real and personal property eligible for a 1031 tax deferred exchange include:
Prudent investment standards are followed to hold the exchange proceeds in secure and liquid accounts, depositing exchange proceeds into interest bearing, non comingled accounts that require either a personal identification number or notarized signature for disbursement. Each account is insured by Federal Deposit Insurance Corporation (FDIC). As needed, multiple banks are used to hold the proceeds.
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