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?

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?

180 days to complete it, meaning close on your replacement property purchases. However, keep in mind that you will be required to identify your potential replacement properties on day 45 of your exchange. The time line starts when you close escrow on the property you are selling, and this is considered one of the most challenging aspects to the exchange process.

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.