Last week, the Vandenberg Team hosted a fantastic seminar featuring Pamela Michaels, Esq., Vice President of Asset Preservation, Inc. The seminar was held at the beautiful Liederkranz Club on the Upper East Side with plenty of good food, good drink, and great people. We were thrilled to see so many of our friends from the townhouse community, as well as new faces.
Pamela captivated the audience with her informative presentation on selling an investment property using a §1031 exchange. Her presentation was a great refresher on the nitty gritty details of this process and we learned a lot of new and case-specific information during the Question & Answer portion of the event.
Here are some of our favorite facts from the seminar:
When selling your investment property with a §1031 exchange…
- …there is a 45 day identification period that starts from the date of sale, in which you must identify potential replacement properties, and a 180-day exchange period in which you must close on the new property.
- …you can identify an unlimited number of replacement properties, HOWEVER, if you identify more than 3 replacement properties, the aggregate value of those properties CANNOT exceed $10,000,000.
- …a “Reverse Exchange” is one in which you can purchase the replacement property before the sale of your investment property is complete
Pamela covered all this and more at our seminar, which you can download and read in your own copy of the presentation.
Call the Vandenberg Team at 212.769.2900 or visit Pamela’s website to find out if your property qualifies for a §1031 exchange.
At Vandenberg, Inc. The Townhouse Experts™, our sole focus is selling townhouses and brownstones in New York City, NY. We are long-time experts in guiding you through the complexities of townhouse sales and purchases. View our townhouses for sale | View our townhouses for rent
