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In a 1031 Reverse Exchange, the replacement property is purchased before the sale of the relinquished property. However, in accordance with IRC section 1031, to defer the capital gains on the Relinquished Property, the replacement property must be held by a Qualified Intermediary until the sale of the Relinquished Property takes place, which must happen within 180 days following the purchase of the replacement property.
For more detailed information and advice regarding 1031 Reverse Exchanges, please contact Advanced Property Solutions at 1-877-815-1031 for a FREE consultation.
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