A 1031 exchange or Like kind exchange is defined by section 1031 of the Internal Revenue Code or the IRC. According to IRC if an asset, most often some form of real estate such as land or building is sold and the proceeds of the sale are re-invested in a similar asset then there is … Read more
Many owners and investors are only focused on buying and selling real estate that they haven’t really looked at the advantages when it comes to 1031 exchange that IRS offers to people. This article will discuss on the basic things that you need to know and how it is beneficial if you will learn more … Read more
Generally, income as a result of personal injury is not taxable, depending on the specific type of award. However, some areas are taxed as income. For this reason, and the fact that there is a certain amount of gray area when settlements are not categorized into specific taxable groups, many settlements are set up in … Read more
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
1031 Exchange and Tax Advantages A 1031 Exchange or Like Kind Exchange is defined by Section 1031 of the InternalRevenue Code. This code specifies that if an asset (usually some form of real estate such asland or a building) is sold and the proceeds of the sale are then reinvested in a like kind of … Read more