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Step 3. Enter into a 1031 exchange agreement with the Qualified Intermediary, in which the Qualified Intermediary is named as principal in the sale of the relinquished property and the subsequent purchase of the replacement property. The 1031 Exchange Agreement must meet with federal tax law requirements, especially pertaining to the proceeds.
Remember that a 1031 exchange is a strategy for deferring capital gains tax. It’s not a strategy for avoiding it, although it can have that effect if you never sell the replacement property ...
A 1031 exchange allows certain real estate investors to defer capital gains taxes when selling one investment property and reinvesting proceeds from the sale into another similar property. Taxes ...
A like-kind exchange under United States tax law, also known as a 1031 exchange, is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset. A like-kind exchange can involve the exchange of one ...
1031 exchange You can also take advantage of a 1031 exchange. Known as a like-kind exchange, it only works if you sell the investment property and use the proceeds to buy another similar property.
Knowing the 1031 exchange rules helps you save on taxes.
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