What is a 1031 Exchange?

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1031 Exchange. If you are a realtor then this is one term 1031 exchange, that you must know and learn or know who does best. Off and on, you might find business clients asking to find them 1031 exchange properties . This website has ample resource https://www.ipx1031.com/ipx1031-webinars/

1031 permits a taxpayer to exchange -use or investment assets for other like-kind business use or investment assets without recognizing taxable gain on the sale of the old assets. The taxes which otherwise would have been due from the sale are thus deferred.

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What is a 1031 Exchange? 3

1031 Tax Deferred Exchange offers taxpayers opportunity to build wealth and save taxes.

By completing a 1031 Exchange, the Taxpayer (“Exchanger”) can dispose of investment or business-use assets, acquire replacement property and defer the tax that would ordinarily be due upon the sale.

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A 1031 Exchange allows investors to defer Federal capital gains tax, state ordinary income tax, net investment income tax, and depreciation recapture on the sale of Investment property if certain criteria are met including:

  • Buy replacement property for equal or greater than sold for and reinvest all proceeds
  • Identify replacement property within 45 days of close of sale
  • Purchase replacement property within 180 days of close of sale
  • Must Sell and Buy property that is considered “like-kind” to each other
  • Process must be handled by a Qualified Intermediary

Info shared from https://www.ipx1031.com/

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