In this episode of Everything Real Estate hosted by Realtor Randy Herman, our Northern 1031 Exchange Senior Vice President, John Starling, takes a deep dive into the basics of 1031 Exchange. He discusses the advantages of using 1031 to defer taxes , the types of properties that qualify and ways to structure an exchange, including forward, reverse and improvement exchanges. Starling also gives an overview of the 1031 Exchange rules and explains how the IRS defines like-kind exchanges and other requirements for a successful and valid exchange. He answers all those key questions investors have, including:
• What are the time frames?
• How long do I need to hold onto a property?
• How much do I have to invest?
Additionally, he explains the role of the Qualified Intermediary and the importance of working with an experienced company that knows and understands the ins-and-outs of 1031 Exchange.
Northern Bank, a full-service community and business bank, today announced that it would begin accepting applicants for its annual $5,000 college scholarship award. All graduating high school seniors, who have a parent or legal guardian employed as a police officer or firefighter in Middlesex County, are eligible to apply.
Criminals are more active than ever when is comes to tricking small business owners into handing over cash or sensitive banking information. It’s estimated that five percent of business revenue is lost to fraud each year, according to the Association of Certified Fraud Examiners. Learn more about how you can protect your business from fraud.
Northern Bank, a full-service community and business bank, has been named by the U.S. Small Business Administration (SBA) as the top lender in Massachusetts to small businesses in the accommodations industry. Northern Bank ranked first in SBA loans made to Massachusetts restaurants, which is considered part of the accommodations industry.
Northern Bank is a full-service bank dedicated to providing practical, common sense financial solutions to help our customers live their lives and grow their businesses. From deposit products to loans to payment and collections services, we work hands-on with our entrepreneurial customers, both locally and across the country, to provide the financial support they need to realize their personal and business goals. Founded in 1960, Northern Bank has assets of $2.87 billion with 13 locations serving communities throughout Middlesex County. Northern Bank is a Member of the FDIC, and an Equal Housing Lender.
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