1031 Exchange Services
Through its affiliation with Brookline Bank of Massachusetts, Bank Rhode Island is pleased to offer commercial real estate investors the tax deferral solutions of Brookline Bancorp 1031 Exchange Services.
The Brookline Bancorp 1031 Exchange Services team acts as a Qualified Intermediary under Section 1031 of the Internal Revenue Code. They provide comprehensive, tax-deferred like-kind exchange solutions and strategies to individuals and institutions.
The team brings a wealth of experience to bear for its clients, having completed more than $15 billion in exchange transactions. They are committed to the highest level of service and stand ready to provide valuable insight and work closely with your tax and legal advisors.
Furthermore, when you work with Brookline Bancorp 1031 Exchange Services, your exchange deposits are 100% insured between the FDIC and the Massachusetts Depositors Insurance Fund (DIF) – so the proceeds of your property sales are always completely secure.
Since 1921, taxpayers have had the ability to sell a property, purchase "like-kind" property and put off payment of capital gains tax and depreciation recapture. While the fundamentals of tax-deferred exchanges have changed little over the years, acceptance and use of exchanges has grown significantly over the last 20 years.
Like-kind exchanges are governed by Section 1031 of the Internal Revenue Code and its regulations which place many strict requirements as to documents, timing and exchange account set up among others. Brookline Bancorp 1031 Exchange Services, as Qualified Intermediary, can assist you in meeting the requirements of 1031 exchanges.
Thomas St. Jean
Senior Vice President
Brookline Bancorp 1031 Exchange Services, LLC, is a subsidiary of Brookline Bank, a Bank Rhode Island affiliate. Please consult your tax advisor regarding your specific situation. IRS CIRCULAR 230
DISCLOSURE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication is not indented or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code.