Illinois 1031 Exchange Rules

Illinois 1031 Exchange Rules

Illinois 1031 Exchanges require an acquisition period of 180 days, during which the illinois real estate investor must identify potential properties for the exchange (within 45 days) and acquire said illinois commercial real estate or illinois commercial real estate. The acquisition period begins at the close of escrow on the relinquished illinois commercial real estate. Furthermore, all illinois 1031 exchanges must adhere to one of the following rules:

The Three-Illinois Commercial Real Estate Rule states that the exchanger must identify up to, but no more than three potential illinois commercial real estate during the acquisition period.

The 200% Rule - States that, in the even that three or more like kind illinois commercial real estate are selected in the transaction, their aggregate value must not exceed 200% of the value of the illinois commercial real estate that is being relinquished.

The 95% Exception - Stipulates that the aggregate value of any and all like kind replacement illinois commercial real estate must account for at least 95% of the value of the relinquished illinois commercial real estate in order for the exchange to qualify. This rule will apply only if rules 1 and 2 do not apply to the specific situation.

Contact us for a free consultation with an illinois 1031 advisor regarding all upcoming 1031 tenancy in common exchange opportunities.

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