Build Out

Improvements made to a ‘shell’ space. Examples of ‘building out’ a space include erecting interior walls and doors and running electrical wiring.


When the value of the Replacement Property is less than the value of the Relinquished Property, the difference in value between the two is called “boot”. Any boot that an investor receives when conducting a 1031 exchange is subject to…

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1031 Exchange Rules

  • Property must be like-kind real estate
  • Real estate must be used for investment or business, and not be considered stock in trade or personal property
  • Property replaced must be of equal or greater value to the property being relinquished
  • Boot must not be received by the seller
  • Title of the relinquished property and the replacement property must be in the same taxpayer name
  • Replacement property must be identified within 45 days of closing on the sale of the relinquished property
  • Replacement property must be purchased within 180 days of closing on the sale of the relinquished property.