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To complete a 1031 exchange in Long Island City, NY, you must work with a qualified intermediary to hold your funds and sign an agreement. At 1031 Nationwide, we can provide the expertise and support you need to ensure a successful exchange.
To participate in a 1031 exchange, you must first sell your existing property, which is known as the “relinquished property.” All deadlines for the exchange process are based on the closing date of the relinquished property, not the contract date.
Once you’ve sold your relinquished property, the next step in a 1031 exchange is to identify potential replacement properties to buy. This is a crucial step in the exchange process, and it must be completed within 45 days of the sale of the relinquished property.
The final step is to purchase the replacement property within 180 days of selling the relinquished property. This six-month window allows you to find and close on a suitable replacement that meets your investment goals and the exchange requirements.
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At 1031 Nationwide, our mission is to help you achieve your investment goals, while minimizing your tax liabilities and simplifying the 1031 exchange process. We understand that navigating a 1031 exchange in Long Island City, NY can be complex and time-consuming, but with our expertise and experience, we can guide you every step of the way.
Our team of qualified intermediaries has helped countless investors across the country successfully complete their 1031 exchanges, unlocking new opportunities for growth and financial freedom. We offer personalized guidance and support throughout the entire process, from identifying potential replacement properties to closing the deal.
At 1031 Nationwide, we understand that completing a 1031 exchange can be a complex and daunting process. That’s why we offer a range of services to simplify the exchange process and help…
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At 1031 Nationwide, we are dedicated to helping real estate investors grow their portfolios and achieve their financial goals through 1031 exchanges. We understand that navigating the complexities…
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At 1031 Nationwide, our mission is to help you achieve your investment goals, while minimizing your tax liabilities and simplifying the 1031 exchange process in Long Island City, NY. We understand that navigating a 1031 exchange…
Learn More
Long Island City is a neighborhood in the western part of the New York City borough of Queens. It was originally incorporated as a city in 1870, before becoming a part of New York City in 1898. Today, it is a rapidly developing area known for its industrial history and stunning views of the Manhattan skyline.
The population of Long Island City has been rapidly growing in recent years. The area is home to around 70,000 residents, with a diverse community of young professionals, families, and artists. Its close proximity to Manhattan, excellent transportation links, and vibrant cultural scene have made it a popular choice for those seeking a mix of city living and a more relaxed atmosphere.
The real estate market in Long Island City has been booming, with new residential and commercial developments transforming the skyline. Luxury high-rise apartments offering panoramic views have sprung up alongside historic industrial buildings converted into trendy lofts. The demand for housing in Long Island City remains high, as it continues to attract both residents and businesses looking for a dynamic urban environment.
We have worked with various companies, just a few we have partnered with. You can be assured that your 1031 Exchange will be handled appropriately.
