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Northern 1031 Exchange

As a business bank for more than 50 years, we've seen all kinds of real-estate and business transactions.  Effectively managing the tax liability associated with a sale can have a significant impact on your returns.  Let Northern Bank’s experienced 1031 exchange experts help you defer your tax liability when you plan to sell a business or property and reinvest the proceeds.

 

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Northern Bank, including its subsidiary Northern 1031 Exchange, LLC does not provide tax, legal or accounting advice, nor can we make any representations or warranties regarding the tax consequences of your exchange transaction. We strongly encourage you to seek appropriate professional advice regarding your specific facts and circumstances.

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Partner with Northern Bank for your Exchange

Our expert team has been executing 1031 exchanges for more than 15 years.  We have experience in a variety of exchange transactions including commercial real-estate, business, franchise, and vacation homes. Let Northern 1031 Exchange help guide you through this complicated process.

 

Northern Bank is a proud member of the Federation of Exchange Accommodators (FEA).  

 

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Keep your exchange funds where you bank

All Northern Bank 1031 exchange deposits are held in non-comingled, secure escrow accounts here at Northern Bank.  Enjoy the security of protecting your hard-earned equity with a Bank that has consistently earned BankRate's 5-star "Safe and Sound" rating.

 

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How does a 1031 exchange work?

According to the Internal Revenue Service’s Code 1.1031(k), a person owning property for investment or business purposes can sell their property and purchase "like-kind" replacement property or properties, through the use of a Qualified Intermediary, in order to defer payment of their capital gains taxes. The replacement property the exchangor expects to purchase must be identified within 45 days, and settled within 180 days of the date of settlement of the relinquished property.

 

How does Northern 1031 Exchange help?

In an exchange, Northern 1031 Exchange acts as the Qualified Intermediary, which is a key requirement for completing a qualified tax-deferred transaction. As a Qualified Intermediary, we have extensive knowledge of the exchange procedures and contract stipulations, and we will help make the process simple and efficient. It is important to note that the tax code forbids parties such as the seller’s agent, broker, attorney, accountant, family members and business partners from acting in this capacity.

 

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What qualifies as "like-kind" property?

“Like-kind” doesn’t refer to the grade or quality of a property, but rather the property’s nature or character. For example, if you own a single-family rental property and wish to purchase a farm as a replacement, then that falls under the definition of “like-kind.” Exchanging a lot or condominium for an office building also meets those guidelines. The IRS has broadly defined the type of property that may be exchanged for any other type of property or properties.

 

What doesn't qualify as "like-kind" property?

Examples of properties that would not qualify for a 1031 exchange would be a personal residence, speculative houses or properties designated for a quick turnaround (i.e. purchasing a home or other property and completing improvements for immediate sale), partnership interests, stocks and bonds.

 

Contact us to help you preserve your profits and build wealth through Tax Deferred Exchange.

 

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Work with the best

Invest with a Bank as focused on winning as you are.  Northern Bank has been rated the #1 mid-sized Bank in New England for 7 years running and, in 2015, we proudly took the #1 spot in the country. More details Our success is thanks to an exceptional team and enduring partnerships with growing businesses like yours. Work with us and let’s keep winning, together 

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Call Us 800 273 6908

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