The investor found Atlas 1031 Exchange along with other qualified intermediaries in a Google search for accommodators to facilitate a 1031 exchange for a six figure collectible vintage sports car. His primary concern when selecting Atlas 1031 was their experience and knowledge with personal property exchanges, i.e. vintage sports cars. Personal property exchanges are not closed by title companies, but rather at auction or between exchangor, individual owners and companies. The investor’s 1031 exchange represented one relinquished for eight replacement sports cars. Each purchase required deposits and full use of the 180 calendar day window to complete the exchange. The investor was busy searching for the right car at an acceptable market value.
“Superb” is the word the investor used to describe his Atlas 1031 Exchange experience. “It was better than expected.” What pleasantly surprised him was the guidance he received to help him make good decisions. One bit of education that he noted helped him is that property located internationally is not considered like-kind with property located in the US. The type of car he collects is routinely available in Europe. The investor took ownership of the 1031 exchange by not hesitating to ask many good questions. He appreciated the patient answers. While on vacation to the Florida Panhandle we met and had lunch.
When asked what should be improved or an area that was not covered or gave him difficulty, he had no suggestions, feeling there was no stone left unturned. He felt no remorse from wishing he would have been better prepared to execute his 1031 exchange.
Collectors of vintage and sports cars can defer the federal and state capital gain by initiating a 1031 exchange when selling and replacing their collection.
