1031 Exchange Properties in McAllen, Texas
1031 exchanges in McAllen, Texas are used to defer capital gains tax triggered when investment property held for investment or use in a business are sold. McAllen, Texas is recognized as one of the fastest growing cities in the country based upon job and income growth, low cost of living and quality of local schools. Located on the border with Mexico, McAllen is the site for many manufacturing facilities and offices fueling job opportunity. Combine affordability with ready sources of employment and real estate growth is a natural outcome.
The Certified Exchange Specialist on staff has been serving the qualified intermediary needs of professional advisers and their clients since 2003. We serve the individual, non resident alien individual and foreign corporation and businesses that hold real property for investment or for use in their business.There are many types of exchanges including forward, simultaneous, reverse, build to suit, and improvement and personal property exchanges. Each follows 1031 exchange rules and requirements providing 1031 security and transparency.
1031 Exchange Properties
Each 1031 exchange property have the intent to hold for use in a business or investment and a fact pattern supporting the intent. Facts include hold time, how the property is itemized on federal tax returns and personal use not to exceed (vacation properties being treated as investments) fourteen overnights per year or 10% of the time rented. Intents can change due to work, health, family, weather and combat service. Every year the Internal Revenue Service posts Presidentially Declared Disaster Zones that impact 1031 exchanges such as fire, floods, tornadoes and hurricanes. The 45 and 180 time frames are extended if the exchange qualifies for the extension. The following partial list of 1031 exchange properties are eligible for a 1031 tax deferred exchange:
Exchange proceeds are deposited into non commingled interest bearing accounts, insured by FDIC. Accounts require either dual signatures or a personal identification number known only by the Exchangor and bank.
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