Under Section 1031 of the Internal Revenue Code, owners of business or investment properties, through the use of a Qualified Intermediary, can sell one property and purchase a similar or “like-kind” property while deferring capital gains. Capital gain taxes on the sale of the relinquished property are deferred until the replacement property is sold at a future date.
Using Wells Fargo 1031 Exchange Services, you can work with your tax and legal advisors to develop a strategic plan to maximize the benefits of your 1031 exchange. Our professionals have extensive experience acting as Qualified Intermediary and Qualified Trustee in transactions involving a wide range of assets, including real estate, oil and gas, aircraft, large construction equipment, power plants, railcars, and collectibles such as artwork and cars.
For each deferred exchange, we will establish a segregated account to hold the exchange funds. Depending on the taxpayer’s circumstances and how you plan to hold and invest the exchange funds, we can also insure the account up to any applicable FDIC limits.
We can also serve as trustee of your Qualified Trust, which is an additional safe harbor under Section 1031. We can hold the taxpayer's funds in a Qualified Trust so that in the event of bankruptcy, the funds should not be reached by the creditors of the intermediary.
Start your exchange now
To begin your 1031 exchange transaction, please choose the appropriate application form:
These forms are applications only and do not obligate any party to enter into an exchange agreement. Once you have completed your application, you can submit a copy to us by fax, mail, email, or courier service:
Wells Fargo Bank, N.A. 1031 Exchange Services
100 North Main Street D4001-040
Winston-Salem, NC 27101
Once we receive your completed application, one of our 1031 specialists will contact you to discuss your transaction. For more information about our services, or for a fee quote, please contact Ken Shore at 336-732-1037.
The 2015 National Advanced Conference on Like-Kind Exchanges will take place October 21 – 23, 2015 at the Paris Hotel in Las Vegas.