Grow wealth faster by deferring taxes on capital gains with IRS Code Section 1031.
1031 Exchange Explained
Section 1031 is a powerful tool that allows investors to defer paying tax on the capital gain when an asset is sold if that asset is replaced by one or more “like-kind” assets totaling equal or greater value. Within 45 days of closing the sale, the property to be acquired must be identified; and the acquisition must close within 180 days. Neither Investor, nor Investor’s accountant, agent/broker, attorney, banker or relative may touch the profit from the sale of the relinquished property. Investor’s 1031 exchange accommodator will receive, hold, and transfer Investor’s net sale proceeds to the escrow or settlement agent managing the “up-leg” purchase. Title to the newly acquired property will record in Investor’s name.
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