Although investors can change banks and banking relationships with little difficulty, moving gold bars from vault to vault involves complicated logistics, costs, and risk. Moving gold bars between countries can also present legal hurdles, and, in some instances, the receiving financial institution may not even accept the bars because of their particular size or form.
A 1031 exchange is a creative way to meet the objective that not only saves you money but also provides financial security and improves efficiency of the transfer process.
The same 1031 exchange rules apply to the exchanging of gold as with any other asset. The exchanger is prohibited from accessing sale proceeds during the exchange, and the exchange must abide by the 45-day and 180-day requirements. If the investor or the selected Qualified Intermediary (QI) does not comply with all of these requirements, the exchange may end up turning into a taxable transaction.
So, if you plan on changing banks or diversifying your gold portfolio, let NES Financial facilitate your exchange with the utmost security, transparency, and compliance around. As the nation’s leading QI, our unique 1031 Exchange Solutions provide industry-leading technology, excellent customer service, and extensive experience and expertise for the facilitation of a more efficient and secure exchange.
What is a 1031 exchange? Find out more by downloading our 1031 Exchange Kit.
Allow us to address your business needs by contacting us, or commenting on the post below. We look forward to hearing from you!