1031 Exchange California Guide

Hi ****,
A * exchange allows you to defer paying capital gains taxes when you sell an investment property and reinvest the proceeds in a similar property. Here’s a brief overview:
- **Like-Kind Property**: Both the sold and acquired properties must be similar in nature.
- **Timeline**: Identify the new property within 45 days; complete the purchase within 180 days.
- **Qualified Intermediary**: Use a third party to handle the exchange.
Do you have any specific questions about this process?

Hi ****,
In California, being over * or on permanent disability does not provide specific exemptions from the * exchange rules. However, there may be other tax benefits or exceptions available to you.
- **Senior Exemption**: Check for potential tax relief programs for seniors.
- **Disability Benefits**: Explore if there are property tax exemptions for disabled individuals.
Do you need more detailed information on any of these points?

Hi ****,
Here’s some more detailed information regarding potential tax relief programs and property tax exemptions for seniors and disabled individuals in California:
- **Senior Exemption**: California offers property tax postponement programs for seniors over *, allowing the deferment of property taxes.
- **Disability Exemption**: The state provides property tax exemptions for individuals with permanent disabilities.
Would you like to know how to apply for these programs?

You're welcome, ****! Here’s how you can apply for these programs:
- **Senior Property Tax Postponement**: Contact the California State Controller's Office for the application process.
- **Disability Exemption**: Reach out to your county assessor’s office to apply for the disability exemption.
Would you like more information on either application process?