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In a 1031 exchange, the property sold is referred to as the “relinquished property” and the property acquired is called the “replacement property”. Prior to the introduction of the 1031 exchange, a homeowner had to simultaneously sell one property while purchasing the new property, a practice...
A 1031 exchange allows real estate investors to defer capital gains taxes by reinvesting the proceeds from the sale of a business or investment property into a new, "like-kind" property. The replacement property in a 1031 exchange should be of equal or greater value to avoid paying taxes imm...
We needed to get an understanding of how serious the problems were, and how much they would cost to repair, so we began calling general contractors. One by one, they visited our house, and were mortified at the condition of the property, claiming that it was worse than anything you’d ...
In fact, the real estate tax exchange loophole--known as the 1031 Exchange--is one of the greatest tax loopholes in existence. This loophole allows a real estate investor to sell a property without paying a penny in capital gains tax--as long as the investor reinvests his or her profits...
Our original thought was to do a 1031 exchange and try to buy a chunk of land to hang on to. With a 1031 exchange, all your proceeds from your sale get held by a third-party intermediary until you close on a property, or if one isn’t found, you get your proceeds back but then...
You need to pay up — you just don’t have to submit the paperwork until October. Given the complexities of tax filing for self-employed people, it might be good to get a jump on tax preparation if you work for yourself. “Self-employed people have a lot more work to get prepared ...
Are you selling a highly appreciated asset like a business or a commercial property - Are you tired of trading one headache for another in a 1031 exchange? - Are you looking for a way to simplify but keep the gain you've earned?
An assignment cannot cause harm or burden to the assignee, unless the assignee clearly agrees to take on that burden. Therefore, the assignor continues to hold all liabilities related to the assignment, unless the contract states otherwise. Who Is the Assignor in a 1031 Exchange? A1031 exchange...
1031 Exchanges If you sell your foreign property, you may be able to make a 1031 exchange (also called alike-kind exchange), in which you swap one investment property for another similar property on a tax-deferred basis. Many investors use this strategy to defer paying capital gains a...