Pinnacle Bank
P.O. Box 430
Elberton, GA 30635
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1031 Exchanges are used to defer taxes when selling and buying like-kind properties. After selling the property, funds must be held by a “Qualified Intermediary.” Pinnacle Bank will hold your proceeds in an interest bearing Money Market account, with FDIC coverage available beyond the $100,000 standard. If the IRS guidelines for 1031 exchanges are followed, then the seller can defer all capital gains taxes resulting from the sale of their property.
(Nothing contained herein is given or intended to be interpreted as tax or legal advice. Please contact your tax and legal advisor before proceeding with any 1031 exchanges.)
