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To complete a 1031 exchange in Prudence Island, RI, 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 Prudence Island, RI 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 Prudence Island, RI. We understand that navigating a 1031 exchange…
Learn More
Prudence Island is not a city, but actually part of Portsmouth, Rhode Island. It is the third-largest island in Narragansett Bay. Originally settled by Roger Williams in 1637, it has a rich history as a farming and fishing community.
As of the 2020 census, Prudence Island, as part of Portsmouth, has a population of around 17,000 residents. Due to its small size and limited amenities, the island is not densely populated, giving it a quiet and secluded atmosphere that attracts those looking for a tranquil retreat.
The real estate market on Prudence Island is characterized by a mix of quaint cottages, waterfront properties, and larger homes with panoramic views of the bay. The island's real estate is in high demand for those seeking a peaceful island life close to nature and water activities. Prices vary depending on the location and size of the property, with waterfront properties commanding a premium.
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.
