- Sloan Kimball was a founder of one of the 5 newest existing banks in Washington State, Bank Reale in 2006. Sloan has been active in the Real Estate business since 1994 and has extensive real estate experience.
- Eric Kimball operates an independent practice CPA firm in Walla Walla for over 15 years.
Nortwest Exchange Facilitators, Inc. with offices in both Tri-Cities and Walla Walla is your local expert in 1031 tax deferred exchanges, specializing in Commercial Real Estate and Farm Exchanges, since 1994. Northwest was founded in 1994 by Scot T. Hansen.
The traditions of Northwest have been continued by brothers, Eric Kimball, CPA and Sloan Kimball, CFA since 2010. Eric and Sloan Kimball are lifelong Walla Walla and Tri-City residents and have roots that run very deep in area. Eric and Sloan’s Great Great Grandfather was early settler and banker Dorsey Baker, founder of the oldest existing bank in Washington State, Baker Boyer National Bank. Eric Kimball operates an independent practice CPA firm in Walla Walla. Sloan Kimball was a founder of one of the 5 newest existing banks in Washington State, Bank Reale in 2006. Sloan has been active in the Real Estate business since 1994. Eric and Sloan offer extensive tax and real estate experience to assist you in your 1031 exchange.
What you need to know about a 1031 tax deferred exchange
NET SALE
To avoid the capital gains tax on the sale of your relinquished property, you must spend an amount equal to your net selling price.
WHAT PROPERTIES QUALIFY?
All investment real estate is interchangeable.
Owner Occupied Business Property = Non-Owner Occupied Business Property = Farm = House/Duplex = Raw Land = Condo = Unimproved Property = Improved Property You can even exchange into unimproved land and then use exchange funds to construct improvements.
YOU MUST USE A QUALIFIED INTERMEDIARY
The law requires that you use a “QI”, or a Qualified Intermediary to facilitate your exchange. Your QI does 3 main things:
- Prepare the exchange agreement.
- Hold equity after closing of the relinquished property.
- Coordinate exchange with all closing agents.
EXCHANGE TIME FRAME
You have 45 days from the date of sale of the relinquished property to identify the specific replacement property or properties.
CLOSING TIME FRAME
You must close on one or more of your identified replacement properties within 180 days after sale of your relinquished property.