1031 Form.org: Terms For 1031 Exchange & Compare Intermediaries Help

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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 Compare Intermediaries professional. Need Help with 1031 issues ? Then contact us now >

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§ 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.

Funds Used During Exchanges of Like-Kind Property
The Internal Revenue Code (Code) allows taxpayers to engage in like-kind exchanges of business property under section 1031.

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Terms about 1031

Operating Expenses

Definition:
The actual cost of operating income - producing property, including utilities and similar day-to-day expenses, taxes, insurance and reserves for the replacement of items that wear out.

Negative Amortization

Definition:
A situation in which a borrower is paying less interest than what is actually being charged for a mortgage loan. The unpaid interest is added to the loan's principal. The borrower may end up owing more than the original amount of the mortgage.

Property Tax

Definition:
The amount which the state and/or locality assesses as a tax on a piece of property.

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Terms & Glossary about 1031

Non-Conforming Loan

Definition:
A loan that does not conform to Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. Jumbo loans are nonconforming.

Tax Lien

Definition:
(1) A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid. (2) A federal income tax lien. May attach to all property of the person owing the taxes.

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.

Property Tax

Definition:
The amount which the state and/or locality assesses as a tax on a piece of property.

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.

Economic Feasibility

Definition:
A project’s feasibility in terms of costs and revenue with excess revenue establishing the degree of feasibility.

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.

Need to get more information about Compare Intermediaries & 1031 issues? Then click here to contact us.