Besides making sure your real estate agent not only knows what a 1031 Exchange is, it is imperative that your agent also know how the details must be handled.

At The Panama City Real Estate Team we have several fully qualified licensed real estate agents who have not only worked with our clients on 1031 Exchanges, but also have bought and sold their own property through a 1031 Exchange.

Here are a few of the details most important to all 1031 Exchanges:

• A transaction may only qualify for a tax deferred exchange if it adheres to the 1031 exchange rule as outlined in the US tax code and follows treasury regulations.
• The properties involved in the 1031 transaction must be “Like Kind“
• Both properties involved in the transaction  must be held for productive purpose in business or trade, as an investment.  In other words, your primary residence does NOT qualify as a 1031 exchange property!
• The proceeds from the sale must go through the hands of a “qualified intermediary”
• The entire cash proceeds from the sale must be reinvested in acquiring new real estate property of “Like Kind“
• The replacement property is subject to an equal to or greater than level of debt than the property sold.  In other words, the property/properties your are buying must cost the same or be greater than the one you are selling.  It is quite common for more than 1 property to be identified as needed to meet this requirement.
• When considering the sale of a property for 1031 Exchange, you must identify the replacement properties to purchase within 45 days from the day of selling the relinquished property. This 45 day deadline is not extend-able, even if the 45th day falls on a weekend day or legal US holiday.
• Your must receive the replacement property/properties on or before 180 days after the date on which the relinquished property is transfered or the due date for your tax returns for the taxable year in which the transfer of the relinquished property has occurred, whichever is earlier. This 180 day deadline is not extend-able, even if the 45th day falls on a weekend day or legal US holiday.

With over 10 years experience in Real Estate, Title and Escrow procedures, I am not only well versed and knowledgeable in 1031 exchange procedures, but I also have significant personal experience as I’ve utilized 1031 exchanges for my investment properties.

Who better to help you with your 1031 exchange, then an agent who is also a real estate investor.

I work with several Qualified Intermediaries through out the country to assist you with meeting your 1031 Exchange deadlines.

When you need a Panama City Real Estate agent with experience and knowledge in 1031 Exchange services, I am here to help. Contact me today directly (850) 774.6582 for more information.

Jennifer Mackay
850-774-6582
Panama City Real Estate | Florida

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As we move into the end of year holidays, I’d like to take a moment and offer a few insights on what has occurred during this past year as well as what to expect in the coming year:

New website – Our new website has made a significant impact on our business.  The look and feel as well as new tools for our visitors have helped us maintain our #1 status in the search engines.

New team members – Our growth has continued through the year by adding more Panama City buyer specialists to assist our valued customers with their Panama City Real Estate needs. Each of  our team members has unique specialties which enable us to assign the most appropriate agent to work with our customers for optimum efficiency.

Our current roster includes:

• Jennifer Mackay – Team leader, Broker Associate
• Kayla Davidson – Office Manager and administration and soon to be licensed Buyer specialist
• Brenda Rutherford – Buyers Specialist
• Gayle Blanton – Buyers Specialist
• Chuck Sisk – Buyers Specialist
• Robert Britt – Buyers Specialist
• Jessie Cochran – I.T. and Team corporate executive officer

We look forward to adding at least one more licensed specialist in the next several weeks so look forward to that announcement coming soon.

Condo sales – Panama City Beach Condo sales remained very strong through out the year.  In large part due to the price decreases we’ve experienced from our fledgling economy.

1031 Exchanges – We have helped more investors with their 1031 Exchanges than in previous years.  Both experienced and new investors taking advantage of the low condo prices are in need of these services as we move towards the close of the year and they upgraded their investment portfolio’s.

Website expansion – We’ve once again upgraded our website to provide the finest most technologically advanced featured website for our customers.  From fully customized searches in residential and commercial sales and leasing as well as rental market searches and services.

Customer Service – We’ve managed to help more customers this years with their Panama City Real Estate needs than previous years.  In large part our continued success and growth is due to our team members and their diligence in helping our customers not only find the right property for their needs, but also negotiating the contracts and making sure the agents from other offices provide the information necessary to bring these sales to closure.

Short sales and Foreclosures – This year has seen more of these types of sales than ever before.  Unfortunately, due to our struggling economy many investors and others lost their primary homes and investments.  We worked very hard this year with many of our struggling customers to help them either hold on to their properties and homes, or sell them at the highest price we could in today’s market.

Relocation expansion – We’ve been able to help more relocating families and individuals this year thanks in large part to our continued relocation expansion.  Our network of real estate associates has increased significantly this year and we now have associates in every state of the U.S. and much of Canada.  Our military relocation assistance program continues to help incoming and outgoing military families and individuals with their real estate needs and we look forward to working with them and are proud to assist them.

We look forward to working with all our customers in the coming years and assisting them with their investments and purchasing their home in paradise.

What we’d like to accomplish in the coming year

As mentioned, we are still looking to add another agent this year.  In addition, since Kayla will be moving into a full time real estate agent position we will need to hire a new administrator for the team.

As always our continued growth and success is measured by our satisfied customers.  We look forward to working with many new and existing customers to help them realize their real estate dreams and aspirations in the coming year.

Podcasts and articles – Look for more award winning articles and podcasts from the team as we continue to expand our presence in the world wide real estate market.

Webinars – We have been working in the background to facilitate this new feature for our customers.  Look for webinars on various topics such as these and many others to come:

• First time home buying
• Condo buying
• Commercial investment strategy
• Leases – Residential and commercial negotiations

There are many other accomplishments and tools we look forward to providing our customers in the coming year.  We’ll have to keep a few of them quiet for the time being, but look for these announcements coming soon.

Happy Holidays to all.  My team and I wish you a happy, healthy, safe holiday season. Best wishes to all.

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City Beach Gulf or Bay front condo for your vacation home, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach condos for sale.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

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Experienced investors know to contact me directly every November for information regarding property sales statistics, rental market statistics and commercial investment market.

However, new investors or those unclear or unaware of the process of 1031 exchanges often miss opportunities.

For those customers who are unaware of what a 1031 exchange requires please visit my 1031 Exchange investor information page for reference or contact me directly.

Here are just a few items to consider for 1031 exchanges:

• Section 1031 of the U.S. Internal Revenue Code allows investors to defer capital gains taxes on the exchange of like-kind properties.
• Interest rates and prices for properties are at the lowest they’ve been in years.
• The current Panama City and Panama City Beach Real Estate markets have good commercial, residential and condo opportunities for those in the market for investments or in need of 1031 exchange opportunties.
• More than 1 like-kind property can be used in a 1031 exchange
• All the equity received from the sale, of the relinquished real estate property, must be used to acquire the replacement, “like kind” qualified property.

When you need more information on Panama City Florida Real Estate and 1031 Tax Exchanges, contact me or call me directly (850) 774-6582.

Put my experience to work for you!

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City Beach Gulf or Bay front condo for your vacation home, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach condos for sale.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

“Liked this post? Subscribe to my Panama City Real Estate blog RSS feed and get loads more!”

Interest rates and prices for properties are at the lowest they’ve been in years. The current Panama City and Panama City Beach Real Estate markets have good commercial, residential and condo opportunities for those in the market for investments or in need of 1031 exchange opportunties.

1031 tax deferred property exchanges are exchanges in which capital gains tax deferral is available to real estate owners who sell their investment, rental, business or vacation real estate, and reinvest the net proceeds in other qualified real estate. Real Estate held for these purposes are called like-kind/1031 properties.

Section 1031 of the U.S. Internal Revenue Code allows investors to defer capital gains taxes on the exchange of like-kind properties. 1031, or tax-deferred, exchanges hold great advantages for both investors and Real Estate owners.

Here are several important factors and considerations for 1031 exchanges:

• There are two import 1031 Exchange periods that must be adhered to:
  1. Identification period – This is the period during which the party selling a property must identify other replacement properties that the seller proposes to buy. This period is scheduled as exactly 45 days from the day of selling the relinquished property.
  2. The Exchange Period: This is the period within which the party who has sold the property must receive the replacement property. This period ends at exactly 180 days after the date on which the party transfers the property relinquished or the due date for the person’s tax return for that taxable year in which the transfer of the relinquished property has occurred, whichever situation is earlier.
• Only qualified properties may be considered in a 1031 exchange
• The 1031 Exchange may include more than one qualified property.
• The total purchase price of the replacement “like kind” qualified property must be equal to, or greater than the total net sales price of the relinquished property.
• All the equity received from the sale, of the relinquished real estate property, must be used to acquire the replacement, “like kind” qualified property.

When you need more information on Panama City Beach Florida Real Estate and 1031 Tax Exchanges, contact me or call me directly (850) 774-6582.

Put my experience to work for you!