Rhode Island 1031 Real Estate Exchanges
Rhode Island 1031 Real Estate Exchanges outlines the uses of 1031 exchanges, covering what constitutes exchangeable property, the definition of ‘like kind,- the roles of different professionals in 1031 exchanges, the benefits and drawbacks, as well as the different types of exchanges commonly used for real estate transactions. A real estate professional familiar with the Section 1031, its meaning, use and scope, will be able to expand his or her clientele base and will be better equipped to advise investor and commercial clients over the course of their transactions, from the property finding phase through closing.Section 1031 of the Internal Revenue Code allows for a tax deferment on the exchange of ‘like kind- income-producing property. In essence, an individual may trade an old income-producing or commercial capital asset for a new one of ‘like kind- without paying tax on any of the gains. Instead, the tax is deferred until the chain of exchanges is permanently broken. Commercial real property can qualify for a tax-deferred exchange, providing that the transaction is properly managed through the cooperation of many different professionals.
Requirements for Completing Rhode Island 1031 Real Estate Exchanges
There are three important steps to completing a course:
- Complete ALL lessons in the course by answering each question correctly at least twice. Most questions are timed and need to be answered within the prescribed time for credit. A lesson is not complete until it is checked off on the main menu.
- Once you have completed the lessons on the computer, you must submit a signed “Student Affidavit” that you personally completed the entire course yourself. Under state law, this Affidavit must be received before a Course Completion Certificate can be issued or your course completion can be electronically reported to your state (if applicable).
- If a final exam is required, you must schedule a proctored exam (or take an online exam if available in your state) and pass the exam (please see “State Requirements” page for the specific passing score required in your state.) (The “Course Available” page will indicate which courses require a final exam, and whether they require a proctor or are available online.)
Once these three steps have been completed, we will issue a Course Completion Certificate or electronically report your course completion to your state (if applicable).
Getting Credit for Completion of Rhode Island 1031 Real Estate Exchanges
You may have up to two opportunities to pass the exam (depending on your states guidelines). Once all course requirements are completed, you will be issued a Course Completion Certificate or your course completion will be electronically reported to your state (if applicable). It will be mailed to you via the U.S. Mail. The Certificate will be placed in the mail within 3-5 business days after you have satisfied all course requirements.
Renewal Deadlines: April 30th on even years. Click here for Regulator Website