1031 Exchange

Are you an seller or investor looking to sell a property, buy a new property, but want to avoid paying capital gains or recapture taxes?

Have you heard of 1031 exchange? This is a process where you are redistributing the equity of one property into another investment, to defer additional taxes.

Here are some simple facts on the 1031 process;
1. Sell property & identify new purchase within 90 days.
2. Find a like kind/replacement property you want to acquire. (Must be equal or greater value).
3. Reinvest all equity into the new property OR apply equity to a higher valued property.

This transaction is similar to a trade, where the equity is transferred to a new property, rather than received as proceeds, and taxed.

We have had clients sell a long term investment property, for a new construction investment, sell their investment, and apply the proceeds towards a portion of an investment or, apply the equity of one property to the purchase three new properties.

As part of the exchange process, the purchase property must be identified with in the specified time frame, and the owner may not receive cash or other benefits from the sale.

Using a Qualified Intermediary to complete this process is highly recommended, given the complicated nature and timing of the transactions.

If you have more questions about completing a 1031 Exchange, our team has completed these types of transactions on our personal properties, and for clients. Contact us today, for more info!

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Active- 11576 Shadbush Ct. Reston, VA 20191

Your Private Oasis!
• Beautifully renovated 3 bedroom, 3 bath single family home on quiet cul-de-sac.
• Inviting living and dining room with gleaming hardwood floors, wood burning fireplace, large picture window and cathedral ceilings.
• Remodeled kitchen with granite counters, newer cabinets, stainless appliances, with large island and pendant lighting. Door from kitchen opens to deck, screened in porch and fenced yard.
• Serene screened-in porch off dining room with bead board, Trex deck and ceiling fan. Perfect for entertaining!
• Upper level features three bedrooms with hardwood floors and neutral paint. Updated hall bathroom with newer vanity, ceramic tile and shower/tub combo.
• Master bedroom with two closets and attached full bath with standing shower.
• Spacious recreation room or additional living area with access to garage, second deck, and fenced yard.
• Fully finished lower level with possible 4th bedroom (also used as a den), separate living area, laundry/utility area and additional living area. Perfect as a guest suite.
• One Car garage with plenty of room for additional storage.
• Windows replaced in 2016.
• Ideal location, minutes to Reston Town Center, 267/28/Fairfax County Parkway and more!
• Community amenities include: outdoor pool, basketball courts, jogging/walking trails and tot lots.
• Check GreatSchool.org for ratings
• Ideal location, minutes to Reston Town Center, 267/28/Fairfax County Parkway and more!

Properties in this neighborhood have sold for $430K-$520K+ depending on size, lot an upgrades. This property is in an ideal location because its at the end of a cul-de-sac, backs to trees with a wooded yard! This property is listed for $479,900.

Email Katie@wethmangroup.com for more information or to set up a showing.

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