1031 Exchange

The 1031 Tax-Deferred Exchange allows a property owner to exchange existing property for “like-kind” property without having to pay state and federal income taxes on the transaction. At First Midwest Bank, we work hand in hand with property owners and their legal/tax advisors to provide a smooth, timely Tax-Deferred Exchange. We have provided services as a Qualified Intermediary for IRS Section 1031 since 1988.

When contemplating selling property to purchase other “like-kind” property, it makes sense to consider deferring the payment of capital gains taxes through the use of a 1031 Exchange. For those who are not familiar with 1031 Exchanges, we have experienced Trust Officers to guide you through the entire process.

For more information about 1031 Exchanges, contact us at 800-322-3623 and we'll connect you with a First Midwest Wealth Advisor.