There isn't anything particularly unique about conducting a 1031 exchange in Florida compared to other states in terms of the federal tax code. The rules and processes for a 1031 exchange, as outlined by the IRS, apply uniformly across all states. This means that whether you're exchanging a property in Florida or in another state, the fundamental requirements remain the same: the properties involved must be held for productive use in a trade or business or for investment, and they must be of like-kind.
Florida does not have state or local capital gains taxes. The Combined Rate accounts for the Federal capital gains rate, the 3.8 percent Surtax on capital gains, and the marginal effect of Pease Limitations on itemized deductions, which increases the tax rate by 1.18 percent.
Florida does not have a state income tax.
Destin Title Exchange Company, headquartered in Florida, operates under the name McNeese Title. The company boasts over 20 years of experience on the Emerald Coast and a staff collective expertise exceeding 300 years in various fields including real estate closing, real estate law, course instruction, 1031 exchanges, and both residential and commercial real estate transactions. They claim proficiency in handling nearly any type of closing transaction. Additionally, they are a member of the Federation of Exchange Accommodators.
1031 Exchange Connection, Inc., based in Bonita Springs, Florida, operates as a Qualified Intermediary to facilitate 1031 exchanges, helping clients defer capital gains taxes on like-kind real estate investments. The company distinguishes itself by having a licensed CPA with expertise in real estate tax strategies as part of its team. They ensure the security of client funds by maintaining them in separate, non-commingling accounts throughout the transaction process. Additionally, 1031 Exchange Connection is bonded and insured, providing further protection for its clients. They offer services both locally in Florida and nationwide.
Atlas 1031 Exchange, LLC, headquartered in Florida, specializes in providing qualified intermediary services for both domestic and international clients involved in 1031 tax-deferred real estate exchanges. The company handles a variety of exchange types including forward, reverse, simple, and complex transactions. The president and founder, Andrew Gustafson, is a Certified Exchange Specialist® with extensive experience, having facilitated over 2,900 exchanges since 2003. He founded Atlas 1031 Exchange in 2007 after co-founding Old South 1031 Exchange Services in 2003. Vice President Peter Tomlin brings expertise from a background in strategy consulting and private equity, along with engineering. The company emphasizes security and compliance with IRS regulations, offering services such as Qualified Escrow Accounts with FDIC security and maintaining transparency. The team includes other Certified Exchange Specialists®, and they work closely with an advisory board of CPAs, attorneys, and title companies.
The Private Exchange Group, Inc., based in Florida, specializes in facilitating 1031 exchanges, allowing real estate investors to defer 100% of Capital Gains and Depreciation Recapture taxes, as well as most state capital gains taxes. This tax deferment helps investors preserve the value of their investments by reinvesting in larger or more profitable properties. The company outlines several strategic benefits of 1031 exchanges including consolidation of properties for easier management, diversification into different types of properties, increasing cash flow by acquiring better-performing assets, and facilitating the relocation of investment properties to align with personal or business moves. Notably, The Private Exchange Group, Inc. is not a member of the Federation of Exchange Accommodators.
