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Under the Tax Cuts and Jobs Act, Section 1031 now applies only to exchanges of real property and not to exchanges of personal or intangible property. An exchange of real property held primarily for sale still does not qualify as a like-kind exchange.
The simplest type of Section 1031 exchange is a simultaneous swap of one property for another. Deferred exchanges are more complex but allow flexibility. They allow you to dispose of property and subsequently acquire one or more other like-kind replacement properties.
Dec 7, 2023 · What Is a 1031 Exchange? And How Does It Work? 9 Min Read | Dec 7, 2023. By Ramsey. Basically, a 1031 exchange allows you to avoid paying capital gains tax when you sell an investment real estate property if you reinvest your profits into another similar property within a certain period of time.
Jan 28, 2023 · 1. 1031 Exchanges Are Also Known as ‘Like-Kind’ Exchanges, and That Matters. Section 1031 of the IRC defines a 1031 exchange as when you exchange real property used for business or held as an...
Aug 29, 2022 · Section 1031 is a provision of the Internal Revenue Code (IRC) that allows a business or the owners of investment property to defer federal taxes on some exchanges of real estate. The provision...
Feb 23, 2024 · Under Section 1031, if you exchange business or investment property solely for a business or investment property of a like-kind, no gain or loss is recognized until the newly acquired property...
Jul 28, 2022 · A 1031 exchange is a type of real estate purchase allowed under Section 1031 of the US Internal Revenue Code. It allows you to defer capital gains taxes when selling a property, as long as the...
