Do you need help with moving your business elsewhere?

Sometimes you don’t know what to do in order to make your business more profitable. It is very possible that one of the problems is the place where you have the offices. You should know that you have to think a lot when you choose that because your business needs good promotion. If you want to be known by everybody, you should have your office around a very popular place. At the same time, you have to make sure that the area is perfect for your type of activity and services. If you feel that you made a mistake and your business is located in an inappropriate place, you have to think to a solution. 1031 exchange program can be exactly what you need when you are in this situation. Don’t hesitate and make sure that you have all the information you need because it can be a very difficult decision.

It is important to use an intermediary

When you want to make an exchange of property, you should know that you have to find an intermediary who can help you with this. Otherwise, it is very possible that you will have to pay some taxes and if you hire an intermediary, everything will be perfect. This is one of the most important rules that you don’t have to forget.  You won’t be stressed that you may have problems if you do everything as it is required. The reason why you need an intermediary is that you can’t control the money yourself because you can find a property that is cheaper than yours and they will force you to pay the IRS tax. Another detail about this aspect is that it is forbidden to ask one of your family members to behave as he is the intermediary. This is against the rules and you have to pay attention to them.

This exchange program is not for personal use

If you like the advantages of this program, don’t fool yourself thinking that you can do the same thing with your own home. It is true that it would be great to have the possibility to move in a different house because you are very bored of the place where you lived for so many years, but unfortunately, you can’t do that. Only investments and business property can do that. It is impossible to swap your own residence or vacation home.

Other aspects that you should know

If you were planning to move your investment property in another country, you should know that it is not allowed to exceed the borders of the U.S.A. Every condition has to be respected because the program is very strict and clear. You have to choose a property that has the same value as yours or if you make this exchange because you need something bigger, you can choose a more expensive space and of course that you will pay the rest of money. You should give enough information about your property in order to avoid some misunderstandings.