If you are confused about a 1031 Exchange, look no further! Let’s shed some light on identification and 1031 Exchanges inside Flexmls.
How does a 1031 Exchange work?
Simply put, a 1031 Exchange is a real estate transaction that allows a seller to defer taxes when he or she exchanges Like-Kind properties. Like-Kind relates to the use of the property (vacant land does not always qualify). Consult with a Tax Preparer because there are strict timelines your client must adhere to!
Is a 1031 Exchange allowed at ARMLS?
Yes! See Rule 8.1
How do I add a 1031 Exchange to my listing?
When adding a listing under the Details tab, find New Financing. A 1031 Exchange is a selectable option.
How do I search for 1031 Exchange for my buyers?
When searching, on the template, click the green plus sign (Add a field). In the New Financing section, you can add 1031 Exchange. Careful! It is an AND/OR/NOT option.
We hope this information helps with the adding or searching portion of 1031 Exchanges within Flexmls.