NES Financial is pleased to announce that the company is experiencing strong growth in its 1031 exchange business in recent quarters. To continue to provide world-class service to its clients, the company has added six new Client Services experts to their San Jose and Boston Offices.
A 1031 exchange is a way for businesses or individuals who want to sell property and also buy similar property to avoid capital gains tax and depreciation recapture tax. Under Section 1031 of the Internal Revenue Code, an exchanger has 180 days after the sale of an existing asset to purchase a “like-kind” asset of equal or greater value. During this period, the sales proceeds are held with a Qualified Intermediary (QI), such as NES Financial. By using appropriate exchange documents and a QI, an exchanger can convert their sale and purchase into an exchange, which creates the opportunity for tax deferral.
“As the economy continues to recover, the benefits associated with 1031 exchanges continue to increase,” said Reid Thomas, NES Financial Executive Vice President of Sales & Marketing. “With the unique capabilities of our 1031 solutions, we are seeing strong demand from new and existing clients. The additional 1031 exchange specialists demonstrates our commitment to continuing to provide the quality of service and support our clients expect.”
With over $85 billion in annual funds flow, NES Financial is the nation’s leading independent QI. The company’s 1031 Exchange Solutions cover all types of exchanges – Forward, Reverse, Program, and Specialty – across a wide range of industries. NES Financial’s General Counsel, Kelly Alton, is a recognized industry expert and developed significant 1031 guidance during her tenure at the IRS National Office in Washington, D.C.