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What Is 1031? also referred to as a 1031 Exchange or Like-Kind Exchange, and falls under Section 1031 of the Internal Revenue Code. This tax section deals with property value in sale of business or trades and other like sales. Contact us to get your property exchange prepared & filed by a qualified Identifying the Replacement Property professional. Need Help with 1031 issues ? Then contact us now >
 
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§ 1031. Exchange of property held for productive use or investment...Read more law >

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    If you plan on utilizing Section 1031, you may do so with more than one property.

    You can do so with up to three properties at once.

News related to 1031 Exchange issues

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Illini Bank Partners With NES to Offer 1031 Tax-Deferred Exchange Products

Springfield, IL – Illini Bank, headquartered in Springfield, and Nationwide Exchange Services (NES) jointly announced that they have reached a strategic alliance in the handling of Illini Bank’s tax-deferred 1031 exchange business.

NES is a Qualified Intermediary providing an industry-leading suite of 1031 tax-deferred exchange products for individual investors through major US corporations. With sophisticated business processes and controls that meet the requirements of the banking industry, NES provides Illini Bank an extensive set of tax-deferred 1031 exchange products at the highest level of customer service with minimal start-up costs and with full regulatory compliance. Illini Bank will also have access to a variety of marketing resources provided by NES.

“We are delighted to enter into a partnership with Illini Bank. Illini Bank can now offer out a suite of pioneering 1031 tax-deferred exchange products to their customers that will help them defer capital gains taxes, while delivering a direct benefit to the bank in the form of core deposits and added revenue. With the 1031 market segment reportedly representing billions in deposits held nationally, this is a large and exciting opportunity that spans individual investors, wealth management customers, corporate clientele, agricultural and commercial real estate,” Michael Halloran, President of Nationwide Exchange Services, said. “In a highly competitive banking environment, 1031 exchanges represent an excellent means for Illini Bank to grow core deposits with no infrastructure or compliance burden.”

“As part of a new alliance with Nationwide Exchange Services, Illini Bank will immediately be offering 1031 exchange products. This will allow us to offer our customers an expanded set of tax-deferred 1031 exchange products such as reverse and built-to-suit exchanges at the highest level of customer service while delivering the industry’s most competitive cost structure,” said Gaylon Martin, President of Illini Bank.

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Did You Know ?
If you plan on utilizing Section 1031, you may do so with more than one property.

You can do so with up to three properties at once.

Need to get more information about Identifying the Replacement Property & 1031 issues? Then click here to contact us.