What Is A 1031 Exchange, And When Is The Right Time To Hire A 1031 Exchange Company? Here’s What You Need To Know.
A 1031 exchange, also known as a “like-kind exchange,” is a type of transaction that allows for tax deferral upon the sale of real property. By working with a qualified 1031 exchange company, taxpayers can maximize their tax savings, and they can ensure that they are prepared to demonstrate compliance with the relevant provisions of the Internal Revenue Code to the IRS if necessary.
Understanding The Law: Section 1031 Of The Internal Revenue Code
Section 1031 of the Internal Revenue Code establishes taxpayers’ ability to secure tax deferral through exchanges of like-kind real property. The key provision of Section 1031 states, in full:
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If you have questions about the 1031 exchange process or would like assistance with conducting a like-kind exchange, we encourage you to get in touch. To discuss your transaction in confidence, please call or tell us how we can reach you online today.