If you considering selling a house a 1031 Exchange can help you save $$$ on capital gain tax! In today’s seller’s market, it’s no doubt you will get top dollar but does your property qualify for tax savings?
Tax-deferred exchanges are approved by Section 1031 of the IRS and the necessities of the code section and the corresponding guidelines or 1301 Exchange requirements must be carefully met. When the Like-Kind Exchange is done correctly, then the taxes are on transaction are deferred.
Here are a few qualifying factors for this program:
1) Must be LIKE-KIND
2) Purpose Requirement
3) Holding Requirement – owned for 2 or more years
Please note this is not financial advice and you should consult with a tax professionals to see if you qualify as this is for informational purposes only!
If you looking to Buy or Sell please feel free to reach out!