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 taxes1 on the transaction. 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.
First Midwest Bank has provided services as a Qualified Intermediary for IRS Section 1031 since 1988. We work hand in hand with property owners and their legal/tax advisors to provide a smooth, timely tax-deferred exchange. For those who are not familiar with 1031 Exchanges, we have experienced Wealth Management Officer2 to guide you through the entire process.
Contact a First Midwest Wealth Management Officer today to learn more about how a 1031 Exchange can reduce your tax outlay and save you money.Access Forms