Referring to Section 1031 of the U.S. Internal Revenue Code, a 1031 Exchange allows taxpayers to defer federal capital gains taxes on the sale of an income property if they roll the gains over into a similar, more expensive property.
1031 Exchanges are not a simple process – there are specific documentation and other requirements that must take place within a tight timing window. With Eric’s experience as both a commercial broker and a commercial real estate attorney, we know the ins and outs of the 1031 Exchange process and are very experienced in helping clients manage these transactions efficiently and correctly.
Note: To avoid any potential conflict of interest, we will never serve as a legal advisor on a 1031-related property sale if Eric Nesbitt’s commercial real estate brokerage, the Nesbitt Commercial Group, is also serving as the broker for the sale. Likewise, we won’t serve as the 1031 legal advisor on a purchase if Nesbitt Commercial Group is engaged in the purchase.