1031 exchange - Posted by Lezlie(TN0


#1

Posted by John Behle on November 20, 1998 at 02:12:02:

Section 1031 of the Internal Revenue Code allows for the tax deferred exchange of “like kind” property. In regards to real estate, it means that you can “Trade” one property for another and defer your gain. Your tax basis transfers to the new property and you do not pay taxes if: 1) you trade for equal or greater value and 2) you do not receive any “Boot” or “Unlike kind” property. That can be cash or personal property.

Exchange provisions were widened a few years ago to provide the ability to actually sell a property and then purchase another if you follow the proper procedures. This is commonly called a “Starker” exchange.

In a nutshell, there are some of the basics. An exchange should not be done without a qualified professional assisting you. That can be a company like William Exeter’s or a real estate “Exchangor”. A good site for more information or to find a well trained exchangor to assist you, check out www.infoville.com and go to the National Council of Exchangors (NCE). There are geographical listings of several hundred of the top professionals you will find in the field of real estate.


#2

1031 exchange - Posted by Lezlie(TN0

Posted by Lezlie(TN0 on November 18, 1998 at 13:35:23:

Can someone explain what a 1031 exchange is? Thanks


#3

1031 exchange info available - Posted by William L. Exeter

Posted by William L. Exeter on November 19, 1998 at 13:17:19:

I would be happy to send you information regarding 1031 exchange transactions. Just email me your mailing address.

Bill Exeter.
Security Trust Company.


#4

Re: 1031 exchange - Posted by JHyre in Ohio

Posted by JHyre in Ohio on November 18, 1998 at 14:44:43:

If you sell property #1 for money, you may have a gain. If you have gain, you pay taxes.

If you excahnge property #1 for property #2, you pay no tax even if property #1 is worth more than you paid for it.