Generally, if you exchange business or investment property solely for business or investment property of a like-kind, no gain or loss is recognized under Internal Revenue Code Section 1031. If, as part of the exchange, you also receive other (not like-kind) property or money, gain is recognized to the extent of the other property and money received, but a loss is not recognized.
*IRS Code Section 1031 is a complex tax code. The information presented herein should not be expected to provide complete information. Anyone planning to use this tax code section should consult a qualified Tax specialist, CPA, or other Tax Professional before beginning the process.
Sell Your Current Investment Property: 1031 Exchange*
When you are ready, and have thoroughly explored and understand your 1031 Exchange options and requirements*, its time to sell your current Business or Investment Property. You will want a Real Estate Agent who knows the details that can keep you on track. The Dennis Doll Team has the expertise to assist you in disposing of current property(s) while identifying other possible exchange properties.
Tax deferral through 1031 Exchanges offers a means to preserve the wealth that you have worked so hard to accumulate and to grow your assets by reinvesting the tax savings.
In a typical Forward Delayed Exchange, the most common type of exchange, the taxpayer sells business or investment property and acquires Replacement Property of equal or greater value within 180 days. The use of a Qualified Intermediary, such as Liberty 1031 Exchange Services (Liberty 1031), is a safe harbor requirement to facilitate a valid tax deferred exchange. There are many other qualified intermediaries available throughout the country.
A Qualified Intermediary must possess intimate knowledge and a thorough understanding of 1031 regulations. This information page is presented to provide a basis for exploring your options. *
Buy Your Replacement Investment Property: 1031 Exchange*
Commercial, Business or Residential Investment Property deals are abundant in today's market. Maybe its time to explore your options and move your wealth into another like-kind property.