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To complete a 1031 exchange in Wallops Island, VA, 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 Wallops Island, VA 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 Wallops Island, VA. We understand that navigating a 1031 exchange…
Learn More
Wallops Island, located in Accomack County, Virginia, is not a city but rather a census-designated place. It is most notable for its NASA flight facility. Originally established in 1945, it serves as a launch site for suborbital and orbital missions. The Wallops Island Flight Facility has played a critical role in the development of America's space programs.
As of the 2020 United States Census, Wallops Island has a population of around 545 residents. The population has remained relatively stable over the years due to the specialized nature of the area. The community is primarily made up of scientists, engineers, and support staff who work at the nearby NASA facility. The small population size fosters a close-knit community atmosphere.
In terms of real estate, Wallops Island offers a unique opportunity for those looking for properties close to the NASA facility. The real estate market in the area is limited due to its specialized nature and the presence of government-owned land. Homes in Wallops Island are highly sought after by professionals working in the aerospace industry, with a focus on waterfront properties and proximity to the space launch facilities.
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.
