1031 Exchange Properties in Panama City, Florida
1031 exchange properties in Panama City, Florida have the benefit of the sun, the beach and a new International airport opening in 2010 that provides an influx of vacationers looking to enjoy the warm weather and beautiful Panama City beaches.
The benefit of a 1031 exchange defers the capital gains and recaptured depreciation taxes when a replacement property of equal or greater value is purchased within 180 calendar days. A 1031 exchange requires a qualified intermediary to prepare the exchange documentation prior to the property closing and hold the exchange proceeds in a secure escrow account for use towards acquiring the replacement property.
The Certified Exchange Specialist on staff at Atlas 1031 Exchange has been providing qualified intermediary services for professional advisers and their clients in Panama City, Florida since 2003. We serve individual investors, non resident alien individuals and foreign corporations along with businesses who purchase and sell commercial properties.
Panama City, Florida 1031 Exchange Properties
1031 exchange properties share similar intent to hold properties for investment or for business and a pattern of facts supporting the intent. Typical facts include the length of time the asset is held, minimal personal use, for vacation investment properties see Revenue Procedure 2008-16 and how the asset is reported on the federal tax return. All 1031 exchange properties are subject to strict adherence to 1031 exchange rules.
A variety of 1031 exchange properties are eligible for 1031 exchanges including:
Atlas 1031 Exchange serves individuals, trusts, hospitals, business owners, corporations and referrals from Lenders, Realtors, CPAs, Attorneys, Financial Planners and Title Companies. There are many types of exchanges including forward or delayed, simultaneous, reverse, build to suit and personal property exchanges.
Exchange funds are deposited into non commingled, interest bearing FDIC insured accounts in multiple banks if needed. Disbursement procedures require either dual signatures or a personal identification number known only between the bank. Exchange proceeds are held in liquid, money market accounts under the Exchangor’s social security, employer identification or taxpayer identification number.
To learn more, Contact Us and sign up for our newsletter Exchange Tips and Information. Register for Twitter, Facebook or LinkedIn to receive IRS updates on 45 and 180 day extensions and pertinent Court rulings.