how do i set up a 1030 exchange ?

Answer 1

As stated above, it's probably a 1031 exchange you're talking about. You do this when you sell an income property (rental or commercial) to shelter the profit from taxes. You must buy a like property (i.e. another commercial property) of greater cost if you wish to shelter all the taxes. You go through a "facilitator", who acts as a go-between during the sale of one property and the purchase of another. You can look up a facilitator in the phone book or ask a realtor for a recommendation. There are many rules for a proper exchange, but the facilitator can walk you through them. The facilitators fees are usually about $500 - $1000 or so.

You should realize that your profit on the first property is not forgiven, but only deferred. When you sell the second property, you will pay taxes on the first and second properties, unless you do another 1031 exchange.

Answer 2

It is a 1031 exchange and your accountant or business broker should be able to set it up. You need someone to help with the exchange since you can't hold the money at all.