Burns 1031 Tax Deferred Exchange Services, LLC

On the "Lawyers Near Me" platform, which connects individuals and businesses with specialized legal professionals, we feature Burns 1031 Tax Deferred Exchange Services, LLC. Located at 3711 Center St, Tacoma, WA 98409, USA, and available by phone at (253) 507-5586, this firm stands out for its dedicated expertise in 1031 tax-deferred exchanges, a crucial service for real estate investors aiming to optimize their financial strategies.

Burns 1031 Tax Deferred Exchange Services, LLC is founded and led by Martin Burns, an attorney with over 20 years of experience specifically in 1031 tax exchanges. What makes Martin Burns uniquely qualified is his combined background in legal practice and accounting. This dual expertise allows him to offer comprehensive and practical guidance on the complex structure of real estate transactions that qualify for tax deferral under Section 1031 of the Internal Revenue Code. In addition to his role as a Qualified Intermediary for 1031 exchanges, Martin Burns also owns Burns Law, PLLC, where he dedicates his practice to real estate and business law, providing a holistic legal perspective for his clients.

The core service provided by Burns 1031 Tax Deferred Exchange Services, LLC is facilitating 1031 tax-deferred exchanges. A 1031 exchange allows investment property owners to defer capital gains taxes when reinvesting the proceeds from the sale of one investment property into another "like-kind" property, provided specific IRS guidelines and timeframes are met. The firm acts as a Qualified Intermediary (QI), a mandatory role in these transactions to ensure the property owner (exchangor) does not have direct access to the funds from the sale of the relinquished property, thereby avoiding a taxable event. The process typically involves:

• The exchangor assigning the sale contract of their relinquished property to the Qualified Intermediary.
• The buyer receiving the property directly from the exchangor.
• The exchangor's funds being securely held by the Qualified Intermediary.
• The exchangor identifying potential replacement properties within 45 days of the relinquished property's closing.
• The exchangor assigning the purchase contract of the replacement property to the Qualified Intermediary.
• The Qualified Intermediary using the held funds to purchase the new property within 180 days of the relinquished property's closing.
• The exchangor acquiring the new property directly from the seller.

The firm handles various types of 1031 exchanges, including Forward Delayed, Related Party, Reverse, and Improvement Tax Deferred Exchanges, demonstrating their versatility and in-depth knowledge of different exchange scenarios. They also provide clarity on situations where a 1031 exchange might not be an option, such as for primary residences, vacation homes (unless held for specific investment purposes), stocks, bonds, notes, or interests in partnerships.

Key features that set Burns 1031 Tax Deferred Exchange Services, LLC apart include their extensive experience, secure fund handling, and transparent fee structure. Martin Burns has over two decades of experience, ensuring clients benefit from seasoned guidance. Regarding security, unlike some online-only services, the firm ensures that client money is held in its own separate, unpooled, FDIC-insured account, which clients can view at any time. This offers a higher level of financial security and transparency. Furthermore, their fees for tax-deferred exchanges are fixed and described as "surprisingly inexpensive," particularly when considering the substantial capital gains tax savings that can be realized. The fee is typically paid as an allowable closing cost at the closing of each exchange transaction, meaning clients don't need to advance money upfront.

The environment at Burns 1031 Tax Deferred Exchange Services, LLC, as gleaned from their services and client feedback, is one of professionalism, clarity, and trust. While specific details about the physical office environment are not extensively documented, the firm emphasizes direct communication and personalized attention. They offer both phone consultations and in-person appointments, making them accessible to local clients in Tacoma, Seattle, Bellevue, and Olympia, as well as out-of-state clients from across the nation. The review from a real customer explicitly states that "Jody & Martin and their Team are professional, timely and communicate very well." This indicates a firm that prioritizes effective and clear communication, which is crucial in complex financial and legal transactions. The mention of "Attorney Services" being used by the family, in addition to exchange services, suggests a broader trust in the legal acumen of the Burns team.

Promotional information from Burns 1031 Tax Deferred Exchange Services, LLC highlights their role in helping real estate investors "reap the benefits of your investment successes" without federal taxes depleting rewards. They offer free consultations to determine if a 1031 exchange is suitable for an individual's situation, whether they are looking to convert a rental property, consolidate properties, or diversify a real estate portfolio. Martin Burns is presented as a "powerhouse professional" who provides "assertive counsel & real-world wisdom," drawing on his deep knowledge of title companies, banks, and other entities involved in real estate. The firm provides various educational resources, including detailed written articles and professional videos on 1031 exchanges, as well as a capital gains calculator, empowering clients with information to make informed decisions.

The firm's operations are further supported by a team of 1031 exchange experts, including Susy Heatherly (Vice-President for Operations and Administration) and Adam Grubbs (Certified Exchange Specialist), ensuring a robust and knowledgeable team to assist clients. The combination of legal and accounting expertise, coupled with a focus on client security and affordable fees, makes Burns 1031 Tax Deferred Exchange Services, LLC a strong choice for real estate investors. For local users on "Lawyers Near Me" in Tacoma and nationwide who are considering a 1031 exchange for their investment properties, contacting Burns 1031 Tax Deferred Exchange Services, LLC at (253) 507-5586 for a free consultation would be a highly beneficial step to understand how they can help defer capital gains taxes and navigate complex real estate transactions securely and efficiently.