1031 Facts.com: News- Tri-Valley Bank Partners With NES To Offer 1031 Tax-Deferred Exchange Products

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What Is 1031? also referred to as a 1031 Exchange or Like-Kind Exchange, and falls under Section 1031 of the Internal Revenue Code. This tax section deals with property value in sale of business or trades and other like sales. Contact us to get your property exchange prepared & filed by a qualified Compare Intermediaries professional. Need Help with 1031 issues ? Then contact us now >

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§ 1031. Exchange of property held for productive use or investment...Read more law >

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One property is not always exchanged for just one other property.

Two or more types of real estate can be exchanged for one replacement type of real estate. Also, one type of real estate can be exchanged for two or more types of real estate.

1031 Related News

Proposed IRS Rule Would Devastate Small Businesses, Hike Costs for Property Investors
Changes to section 1031 of the Internal Revenue Code would give a monopolistic advantage to large financial institutions at the expense of hundreds of small businesses

Treasury And IRS Announce Guidance On Like-Kind Home Exchanges
In the case of business property, a property owner generally would not recognize gain upon the exchange of the business property for replacement property of a like kind.

Read More News >

Terms about 1031

Tax Roll

Definition:
A list containing the descriptions of all parcels in the county, the names of the owners (or those receiving the tax bill), assessed values and tax amounts.

Tax Savings

Definition:
The deduction a taxpayer can take on their tax form for interest paid on a home mortgage. The amount of money that the homeowner is not required to pay the government in taxes because he or she owns a home.

Indirect Costs

Definition:
Development costs other than direct material or direct labor costs including administrative and office expenses, financing costs and property taxes.

See More Terms >

News related to 1031 Exchange issues

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Tri-Valley Bank Partners With NES To Offer 1031 Tax-Deferred Exchange Products

East Bay, CA – Tri-Valley Bank, headquartered in the Bay Area, and Nationwide Exchange Services (NES) jointly announced that they have reached a strategic alliance in the handling of Tri-Valley Bank’s tax-deferred 1031 exchange business.

NES is a Qualified Intermediary providing an industry-leading suite of 1031 tax-deferred exchange products for individual investors through major US corporations. With sophisticated business processes and controls that meet the requirements of the banking industry, NES provides Tri-Valley Bank an extensive set of tax-deferred 1031 exchange products at the highest level of customer service with minimal start-up costs and with full regulatory compliance. Tri-Valley Bank will also have access to a variety of marketing resources provided by NES.

“We take great pride in our new relationship with NES. This strategic partnership is part of our continuing effort to offer value-added services to Tri-Valley Bank customers,” states Bill Nethercott, President and CEO of Tri-Valley Bank. “By aligning ourselves with NES, we are blending two businesses which focus on providing customers competitive products delivered by qualified professionals.”

“We are delighted to enter into a partnership with Tri-Valley Bank. Tri-Valley Bank can now offer a suite of pioneering 1031 tax-deferred exchange products to their customers that will help them defer capital gains taxes, while delivering a direct benefit to the bank in the form of core deposits and added revenue. With the 1031 market segment reportedly representing billions in deposits held nationally, this is a large and exciting opportunity that spans individual investors, wealth management customers, corporate clientele, agricultural and commercial real estate,” says Michael Halloran, President of Nationwide Exchange Services. “In a highly competitive banking environment, 1031 exchanges represent an excellent means for Tri-Valley Bank to grow core deposits with no infrastructure or compliance burden.”

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Did You Know ?
One property is not always exchanged for just one other property. Two or more types of real estate can be exchanged for one replacement type of real estate. Also, one type of real estate can be exchanged for two or more types of real estate.

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