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      • Personal Visa Credit Cards
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Our Lobbies are by Appointment Only. Please refer to our Locations page for the hours for each branch. 
1031 Tax-Free Exchange <span>Investment Property Exchanges</span>

1031 Tax-Free Exchange Investment Property Exchanges

What is a 1031 Tax-Free Exchange

A 1031 Tax-Free Exchange is a transaction in which a taxpayer is allowed to exchange one investment property
 (relinquished property) for another (replacement property) by deferring the tax consequence of a sale.  The transaction is authorized by §1031 of the IRS Code. Under section 1031, any proceeds received from the sale of a property remain taxable. For that reason, proceeds from the sale of the relinquished property, must be transferred to a qualified intermediary
(Virginia Commonwealth Bank), rather than the seller of the relinquished property, and the qualified intermediary transfers the 
proceeds to the seller of the replacement property or properties.

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Get Ready to Go EXTREME!

When you're ready to get started, simply visit any of our convenient branch locations and take your banking to an EXTREME level!

Find a Branch Near You

The 7 Essentials Every Seller Should Know
  • Like-Kind Property
  • 45 Day Identification Period
  • 180 Day Purchase Period
  • Use of a Qualified Intermediary
  • Title must be a mirror image
  • Reinvest equal or greater amount
  • Reverse Exchanges

More on 7 Essentials

Advantages of using VCB as your Qualified Intermediary
  • Local community bank
  • Sale proceeds deposited into an interest bearing account
  • Funds FDIC insured to federal limits
  • Competitive pricing
  • Administered locally in Richmond, VA

 

Documents Needed
  • Entity organizational documents or photo ID
  • W-9 or confirmation of TIN
  • Sales contract for relinquished property
  • Settlement Agent contact information
  • HUD-1 from sale of relinquished property
  • Replacement property identification
  • Replacement property purchase contract
  • Replacement property HUD-1

 

Contact VCB Today

If you’d like to learn more or take advantage of our 1031 Tax-Free Exchange, simply complete the form below to get started. One of our business representatives will be in touch to get you started.

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