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

screenshot of ARMLS 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.

Screenshot of the New Financing with 1031 exchange highlighted

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.

screenshot of flexmls searching for 1031 exchange highlighted

We hope this information helps with the adding or searching portion of 1031 Exchanges within Flexmls.