"We are really looking forward to expanding in our Chicago office"
(PRWEB) February 03, 2016
On January 1st 2016 Midland IRA and AdvantaIRA Trust merged under one name to become Midland IRA, Inc. As a result of the merger, Midland IRA now offers 1031 tax deferred exchanges by acting as Qualified Intermediary (QI).
A 1031 Exchange allow investors to defer capital gains, depreciation recapture tax, healthcare, and state taxes on investment or business use property outside of retirement accounts. Midland IRA has two Certified Exchange Specialists (CES) on staff, Dave Owens and Theresa Knower, with 19 years of experience facilitating 1031 exchanges. There are only 121 active CES’s in the United States, and having two of them at clients disposal allows Midland IRA to provide a level of expertise that most firms simply cannot offer. Working with a CES will ensure that each and every exchange complies with all of the rules and regulations set forth under tax code section 1031.
Midland IRA has always provided clients with an avenue to invest retirement funds in real estate, and now offers the same tax deferred strategies outside of the retirement account. "We are really looking forward to expanding in our Chicago office" says Dave Owens, President of Midland IRA and 1031. 1031 exchanges allows investors or business owners to sell a piece of investment or business use property with the intent to purchase another piece of “like kind” property of equal or greater value tax-deferred.
“Like Kind” property is the term used in tax code section 1031 to define the type of replacement property an investor can exchange into. However, it does not mean what people often think it does as it is a fairly ambiguous term. For example, if a condo on the beach held for rental purposes is sold, the investor would not have to purchase another condo on the beach. “Like Kind” is more of a general term that can be taken to mean that one piece of investment property must be exchanged for another piece of investment property.
Performing a 1031 exchange is simple with the use of a Qualified Intermediary such as Midland IRA and 1031. To get started with a 1031 exchange or for additional information, please visit www(dot)midland1031(dot)com or call (239) 333-1031.