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Inthe summer of 1990, the Internal Revenue Service announced the long awaited rules on Tax Deferred Exchanges. Section 1.1031 of the IRS Code laid out in detail the procedure for turning a sale and purchase type transaction into an Exchange. The revised rules allow owners of certain types of “like kind” real estate to sell … Read more
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After taking numerous classes in financial planning and weighing my real estate investments, I discovered that a 1031 tax exchange was the best course of action to avoid paying heavy capital gains taxes. What is a 1031 tax exchange, you may ask? In essence, this is when you agree to reinvest your profits from a … Read more