Section 1031 of the Internal Revenue Code (IRC) defines the 1031 exchange. 1031 exchange also known as Like kind exchange specifies that if an asset that is most often a land or a building, is sold and the proceeds of the sale are then reinvested in a similar type of asset then there is no … Read more
A lot of people may have any question for in the sale of their real property and about 1031 exchange should consult a tax professional. For people who may not have heard about this 1031exchange, it was created during the year of 1990. The main purpose of having this 1031 exchange is to help real … Read more
A tax deferred exchange or 1031 exchange is a strategy or tool that can be used by an investor to sell property, as long as it qualifies, and then buy another like-kind property. Since the transaction is treated as an exchange rather than a sale, investors qualify for a deferred gain. The law can be … Read more
When you sell your interest in investment property, you may incur federal capital gains taxes and, in some states, state taxes as well. Your attorney, tax advisor, or real estate professional may suggest a tax-deferred exchange under Section 1031 of the Internal Revenue Code. A 1031 tax-deferred exchange allows you to dispose of investment properties and … Read more
A 1031 exchange refers to Section 1.1031 of the Internal Revenue Code which was passed in 1990. Normally, when you sell all real and personal property, the tax code requires the payment of the Capital Gains Tax. That is to say, when you sell your office for 0,000 more than you bought it for, you … Read more