About

1031 Exchange of Chicago

Established in Chicago, 1031 Exchange of Chicago is a premier advisory known for disciplined 1031 exchange guidance, uncompromising compliance standards, and deeply personalized client experiences. With expertise across Illinois and nationwide markets, we have become the trusted resource for investors, high-profile individuals, and discerning buyers and sellers.

Our team brings decades of combined experience in real estate transactions, tax-deferred exchanges, and investment property identification. We are recognized for our elevated approach—merging market intelligence with a deep appreciation for each client's unique financial objectives.

The Process

How a 1031 Exchange Works

Understand each milestone, coordinate with experienced professionals, and document every step for compliance.

01

Sell the Relinquished Property

Execute your sale, assign the contract to the qualified intermediary, and fund the exchange escrow.

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02

Identify Replacement Properties within 45 Days

Submit written identification under the three property, 200 percent, or 95 percent rules.

03

Close on the New Property within 180 Days

Complete due diligence, coordinate financing, and finalize closing before the 180 day deadline.

Coverage

Chicago Coverage with Nationwide Reach

We manage exchanges for investors across the Chicago metropolitan area while sourcing replacement properties nationwide. Local insight pairs with nationwide relationships to keep every exchange compliant.

Knowledge Base

Frequently Asked Questions

Straightforward answers help you prepare documentation, align advisors, and keep every decision compliant with IRS guidelines.

What are the 45 day and 180 day rules for a 1031 exchange?
You must identify potential replacement properties in writing to your qualified intermediary no later than day 45 after the relinquished property closes. The exchange must be fully closed and title transferred to a replacement property by day 180. Extensions are not granted for weekends or holidays unless the IRS issues specific disaster relief.
What qualifies as like kind real property?
Like kind real property includes most real estate held for investment or productive use in a trade or business. Residential rentals, commercial buildings, industrial facilities, land, and certain long-term leasehold interests are typically eligible. Personal residences, inventory, and partnership interests do not qualify.
What is boot and how is it taxed?
Boot refers to non like kind property received in the exchange, such as cash, debt relief, or personal property. Boot is taxable as gain in the year of the exchange. We document each source of potential boot so your tax advisors can calculate the correct federal and Illinois tax impact.
How do Illinois and Chicago transfer taxes apply in a 1031 exchange?
Illinois and Chicago transfer taxes still apply even when federal and state income taxes are deferred. Budget for the Illinois Real Estate Transfer Tax and City of Chicago Real Property Transfer Tax, along with any county or municipal fees. Our team aligns with your closing agents to ensure timely filing.
Can I perform a reverse exchange?
Yes. A reverse exchange allows you to acquire the replacement property before selling the relinquished property. It requires an exchange accommodation titleholder and careful lender coordination. We assemble teams familiar with Revenue Procedure 2000-37 and bank requirements in advance.
How do I report the exchange on IRS Form 8824?
IRS Form 8824 is filed with your tax return for the year of the exchange. It reports the properties involved, timelines, basis calculations, and any boot. We provide transaction summaries so your CPA can complete Form 8824 accurately and retain supporting documentation for audit readiness.
Get Started

Learn More About
Our Exchange
Services

Provide your transaction details so we can coordinate with qualified intermediaries, attorneys, and national property sponsors.

Every inquiry receives a tailored action plan within one business day.

1031 Exchange of Chicago

1755 N Damen Ave, Chicago, IL 60647

Mon–Fri 9am–6pm CT

Educational content only. Not tax or legal advice.

Chicago

1755 N Damen Ave
Chicago, IL 60647

Nationwide

Property Identification
All 50 States

Contact

312-598-2271
[email protected]

Ready to Get Started?

Contact our team to discuss your 1031 exchange needs in Chicago, IL. We'll help you navigate the 45-day identification deadline and 180-day closing requirement.