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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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If you’d like to learn more or take advantage of our 1031 Tax-Free Exchange, simply complete the form below to get started. Bonnie Howle will be in touch to get you started.
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Lobby Hours
Monday-Friday: 9:00 a.m. - 5:00 p.m.
Monday-Friday: 9:00 a.m. - 2:00 p.m.
Drive-Thru Hours
Monday-Friday: 8:30 a.m. - 5:00 p.m.
Saturday: 9:00 a.m. - 12:00 p.m.
Branch Hours
Monday through Thursday 9:00 AM - 5:30PM
Friday 9:00 AM - 6:00 PM
By appointment only
Monday-Thursday: 10:00 a.m. - 2:00 p.m.
Friday: 12:00 p.m. - 4:00pm
Monday through Thursday 9:00 AM - 5:00PM
Monday-Friday: 8:00 a.m. - 5:00 p.m.
Monday-Thursday: 9:00 a.m. - 5:30 p.m.
Friday: 9:00 a.m. - 6:00 p.m.