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If you follow the rules governing 1031 exchanges, you can defer paying capital gains tax on the one-bedroom unit. And you can do it whether you own the property as an individual or business entity ...
Section 1031(a) of the Internal Revenue Code (26 U.S.C. § 1031) states the recognition rules for realized gains (or losses) that arise as a result of an exchange of like-kind property held for productive use in trade or business or for investment. It states that none of the realized gain or loss will be recognized at the time of the exchange.
1031 Exchange Essentials. Internal Revenue Code Section 1031 specifies rules that allow investors to do tax-deferred swaps of like-kind investment real estate. To qualify as allowable, the ...
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 ...
Learning what a 1031 exchange is can allow you to defer taxes on the gains each time you trade investment properties, which allows you to reinvest more of the proceeds each time you trade. But, if ...
Capital gains tax rates were significantly increased in the 1969 and 1976 Tax Reform Acts. [11] In 1978, Congress eliminated the minimum tax on excluded gains and increased the exclusion to 60%, reducing the maximum rate to 28%. [11] The 1981 tax rate reductions further reduced capital gains rates to a maximum of 20%.
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