A 1031 exchange allows you to defer capital gains taxes on the sale of a property when you purchase another property similar to the one that was sold. You would not have to pay taxes until the corresponding property is sold. Since you have purchased a like-kind property, you have not made an actual sale.[…] Read More
Author: formulaone
What Are Common Types of Like-Kind Properties?
Navigating the complexities of a 1031 exchange can feel overwhelming, especially when determining what qualifies as like-kind property. The term “like-kind” is central to the process, but many are surprised by the flexibility it offers. This blog will break down the most common types of like-kind properties to help you better understand your options and[…] Read More
What Are Common 1031 Exchange Misconceptions?
Many people are unaware of how powerful and easy it is to use a tax-deferred 1031 exchange. However, there are several misconceptions about 1031 exchanges, largely due to a lack of understanding and planning. Below are some things you should know if considering a 1031 exchange. “Like-Kind” Property The “like-kind” property provision does not require[…] Read More