How can the 1031 IRS Tax Code benefit me?
As a real-estate investor, you need to keep an eye on tax consequences of your transactions because if you own an investment property that has appreciated significantly, selling it can have unintended tax consequences. To offset those taxes, the IRS Tax Code, Section 1031 allows for "like-kind" exchanges. This means that "no gain or loss shall be recognized if property held for productive use in trade or business, or for investment, is exchanged solely for property of a “like-kind” to be held either for productive use in trade, business, or for investment". What this means is that you can defer taxes on the sale of an investment property if you purchase a different property in its place.
If you are interested in taking advantage of 1031 a 'like-kind' exchange, give me a call and we can discuss the opportunities available.
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Tawana Bourne, SRS, SFR, RESE
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Berkshire Hathaway HomeServices NEP
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