In honor of Memorial Day, Northern Bank branches and the Contact Center will be closed on Monday, May 27. As always, mobile banking, online banking and our ATM network are available to you 24/7.

December 3, 2021

SVP John Starling featured on YouTube

1031 Exchange

In this episode of Everything Real Estate hosted by Realtor Randy Herman, our Northern 1031 Exchange Senior Vice President, John Starling, takes a deep dive into the basics of 1031 Exchange. He discusses the advantages of using 1031 to defer taxes , the types of properties that qualify and ways to structure an exchange, including forward, reverse and improvement exchanges. Starling also gives an overview of the 1031 Exchange rules and explains how the IRS defines like-kind exchanges and other requirements for a successful and valid exchange. He answers all those key questions investors have, including:

• What are the time frames?

• How long do I need to hold onto a property?

• How much do I have to invest?

Additionally, he explains the role of the Qualified Intermediary and the importance of working with an experienced company that knows and understands the ins-and-outs of 1031 Exchange.

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About Northern Bank & Trust Company

Northern Bank is a full-service bank dedicated to providing practical, common sense financial solutions to help our customers live their lives and grow their businesses. From deposit products to loans to payment and collections services, we work hands-on with our entrepreneurial customers, both locally and across the country, to provide the financial support they need to realize their personal and business goals. Founded in 1960, Northern Bank has assets of $2.87 billion with 13 locations serving communities throughout Middlesex County. Northern Bank is a Member of the FDIC, and an Equal Housing Lender.

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