Why should I consider a 1031 exchange?

Are many oil & gas properties exchangeable assets?

What properties qualify for a 1031 exchange?

What does not work for 1031 exchanges in oil & gas?

How long do I have to own my property before I can exchange it?

The longer the better. Unfortunately, there is no safe holding period for property to automatically qualify for an exchange. Keep in mind, the property only needs to be “held for investment” for it to be eligible for an
exchange. Time of ownership is only one factor the IRS looks at when determining if the property was “held for investment”. Some tax advisers recommend a minimum holding period of one year.

Can I purchase my replacement property first?

Do I have to re-invest all of my cash?

How long do I have to complete my exchange?

Why choose Petroleum Strategies for your 1031 exchange?

 

Petroleum Strategies, Inc. does not give tax or legal advice. The information contained herein should not be relied upon as a substitute for tax or legal advice obtained from a competent tax and/or legal advisor.