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.
For adult learners gaining knowledge and asking questions is key for success. About me; I have a M.Ed. in Adult Education & Training. I spent 11 years working in higher education. I also have previous Real Estate industry experience supporting ARMLS Subscribers.