Selling Investment Property in Canisteo, NY?

Defer Taxes with a 1031 Exchange. 1031 Nationwide can Help!

Thinking about selling your investment property in Canisteo, NY? You might be worried about a big tax bill from capital gains. But there's a way to delay those taxes and keep more money working for you: a 1031 exchange.

Investor selling a rental property in Canisteo, NY

What is a 1031 Exchange?

Imagine selling your rental property and using the money to buy another one, all without paying capital gains tax right away. That's the power of a 1031 exchange in Canisteo, NY. It's a legal way to defer (postpone) taxes on your investment property sale. This frees up more cash to reinvest in a new property, potentially growing your portfolio faster.

Here's the catch: There are rules to follow for a successful 1031 exchange.

New Property Must Be Similar: You can't swap your apartment building for a beach house! The new property needs to be used for business or investment purposes, similar to your old one.
Time is Tight: You have 45 days to identify potential replacements after selling your current property in Canisteo, NY. Then, you have 180 days to complete the purchase of the new one.

Don't Worry, We Can Help!

A 1031 exchange can seem complicated, but that's where 1031 Nationwide comes in. We can connect you with experienced professionals to guide you through the process, ensuring you meet all the IRS requirements.