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Accountants for 1031 Exchanges Serving Bucks County, Montgomery County, & Philadelphia

1031 Exchanges

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1031 Exchanges

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Expert CPAs Serving PA, NJ, NY, DE, & More

Accountants for 1031 Exchanges Serving Bucks County, Montgomery County, & Philadelphia

When it comes to taxes, there are a lot of moving parts. If you’re not careful, you could end up paying more than you have to. But there are ways to minimize your tax burden, and one of them is through a 1031 exchange. SD Associates, P.C. is a full-service accounting firm, and our CPAs for 1031 exchanges in Bucks County, Montgomery County, Philadelphia, and the surrounding areas are here to help. We can help you navigate the complex world of taxes and make sure you don’t pay a penny more than you have to. Contact our team of financial experts today to learn more about our tax services or to schedule a consultation to discuss your 1031 exchange.

The Benefits of a 1031 Exchange

There are several benefits of completing a 1031 exchange, including:

Deferred capital gains:  When you sell an investment property, you are typically subject to capital gains taxes. However, when you complete a 1031 exchange, you can defer paying those taxes until you sell the replacement property.

Increased buying power: With the proceeds from the sale of the relinquished property, you can purchase a more expensive replacement property. This allows you to “exchange up” and increase the value of your investment portfolio.

1031 Exchange FAQs

What is a 1031 exchange?

A 1031 exchange is a tax-deferred exchange of property held for investment or use in a trade or business. The properties exchanged must be similar in nature and must be used for the same purpose. 1031 exchanges are also known as Starker exchanges or like-kind exchanges.

There are two types of 1031 exchanges:

    • Simultaneous exchange: Both the relinquished property and replacement property are exchanged on the same day.
    • Delayed exchange: The relinquished property is exchanged first, and the replacement property is acquired at a later date.

If you already have a replacement property lined up, it may be beneficial to conduct a simultaneous exchange. However, if you do not have another property in mind, it may be best to delay the exchange. If you’re not sure which type of 1031 exchange is best for your needs, your tax consultant at SD Associates, P.C. can help you decide.

How does a 1031 exchange work?

To complete a 1031 exchange, you must follow these steps:

    • Identify the property you want to exchange (the “relinquished property”).
    • Find a replacement property that meets the requirements of a 1031 exchange.
    • Enter into a contract with a qualified intermediary (QI).
    • Transfer the relinquished property to the QI.
    • The QI holds the proceeds from the sale of the relinquished property and uses them to purchase the replacement property.
    • You receive the replacement property from the QI.

What are the requirements of a 1031 exchange?

In order to complete a 1031 exchange, you must meet the following requirements:

    • The property must be held for investment or use in a trade or business.
    • The property must be similar in nature.
    • The property must be used for the same purpose (e.g., both properties must be used as rental property).
    • You must use a qualified intermediary (QI).
    • You must identify the replacement property within 45 days of the sale of the relinquished property.

Our team can help you navigate the process of conducting your 1031 exchange and advise you on the best way to handle the transaction. 

Why SD Associates, P.C.

Unparalleled service: There’s a reason SD Associates, P.C. is the best kept secret in the tri-state area.   Our team of financial experts is passionate about providing the highest level of service to our clients. We’ll work with you one-on-one to ensure you have the best possible experience.

Our full-service accounting firm is large enough to offer the services your business requires to succeed, but still small enough to offer personalized service. 

High professional standards: We adhere to all of the American Institute of Certified Public Accountants (AICPA) auditing standards, guidelines, rules and regulations. Our quality control system has been reviewed by the Pennsylvania Institute of Certified Public Accountants and has received the highest possible rankings. 

Wide client base:  Our clients include businesses and individuals from a wide range of industries. We have the experience and knowledge to handle any accounting need you may have. We have served large corporations, individual taxpayers, non-profit organizations, and even charter schools.

Accessibility: We strive to make ourselves accessible to our clients when they need us most. Our team promptly responds to all emails, and we are always available for a phone call if you need advice or have a question. With a team of six shareholders and many experienced CPAs, you will always have access to a wealth of financial knowledge.

1031 Exchange Service Areas

SD Associates, P.C. is proud to offer expert assistance with 1031 exchanges throughout the tri-state area. Our service areas include, but are not limited to: 

    • Philadelphia, PA
    • Bucks County, PA
    • Montgomery County, PA
    • Chester County, PA
    • Lehigh County, PA
    • North Jersey
    • South Jersey
    • Maryland
    • Delaware

Call Our CPA for 1031 Exchanges in Bucks County, Montgomery County, & Philadelphia Today

Our team of tax experts at SD Associates, P.C. is here to help you with your 1031 exchange in Bucks County, Montgomery County, Philadelphia, and the surrounding areas. We’ll collaborate with you one-on-one to ensure you have the best possible experience, and our team of CPAs will work tirelessly to ensure that you get the optimal results. Contact our team today to learn more about our financial services or to schedule a consultation to discuss your 1031 exchange.

 

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