1031 Exchange Services
A tax-deferred exchange under Section 1031 of the Internal Revenue Code defers federal, and possibly state, capital gains tax when changing property investments by using a qualified intermediary
3 Easy Steps for a 1031 Exchange:
- Let Zions Bank and Exchange Services LLC help you understand 1031 exchange rules and provide the necessary documentation for converting your sale into an exchange. At closing, all proceeds are directed to a Zions Bank ®qualified trust account
- Identify your replacement property within 45 days of the relinquished property sale
- Acquire your replacement property within 180 days of the relinquished property sale, or the due date of the tax return, including extensions, for the year of the sale
Zions Bank and Exchange Services can also help you do more than 100 exchanges in a year by using special LKE exchange program regulations, often for fleet or equipment leasing pools.
The information contained herein is for informational purposes only and does not constitute tax, legal or accounting advice. You are advised to seek appropriate professional advice regarding your facts and circumstances. All exchange and qualified intermediary services are offered through Exchange Services, LLC, a Utah limited liability company and subsidiary of Zions Bank.