What Is 1031? also referred to as a 1031 Exchange or Like-Kind Exchange, and falls under Section 1031 of the Internal Revenue Code. This tax section deals with property value in sale of business or trades and other like sales. Contact us to get your property exchange prepared & filed by a qualified
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ยง 1031. Exchange of property held for productive use or investment...Read more law >
Related Hot Topics
Identifying the Replacement Property
Tax Advantages
Tenant In Common
Doing a Partial Exchange
Tax Deferred Exchanges
You may be wondering how long Section 1031 has been around for.
1031 Exchange has been around for a long time. In fact, it is reported to have begun as far back as the 1920s.
1031 Related News
Deferred Exchanges Of Like Kind Property
Like-kind property can be a variety of business property, not just real estate; it can be any property held for productive use in a trade or business or for investment.
Definition:
Various costs that are incidental to ownership (e.g., taxes insurance costs and maintenance expenses).
Depreciation
Definition:
Decrease in the usefulness, and therefore value, of real property improvements or other assets caused by deterioration or obsolescence. (2) A loss in value as an accounting procedure to use as a deduction for income tax purposes.
Like-Kind Property
Definition:
A tax term used in certain real property exchanges. Property must be exchanged for like-kind property and the tax consequences postponed pursuant to Section 1031 of the Internal Revenue Code.
Like-Kind Exchanges Real Estate Tax Tips
Section 1031 does not apply to exchanges of inventory, stocks, bonds, notes, other securities or evidence of indebtedness, or certain other assets.
IRS Tax Deferred Exchange
Acquisition of property by an exchange facilitator in connection with a section 1031 tax deferred exchange is subject to the real estate excise tax
Deferred Exchanges Of Like Kind Property
Like-kind property can be a variety of business property, not just real estate; it can be any property held for productive use in a trade or business or for investment.
Did You Know ?
You may be wondering how long Section 1031 has been around for.
1031 Exchange has been around for a long time. In fact, it is reported to have begun as far back as the 1920s.