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What Is 1031? also referred to as a 1031 Exchange or Like-Kind Exchange, and falls under Section 1031 of the Internal Revenue Code. This tax section deals with property value in sale of business or trades and other like sales. Contact us to get your property exchange prepared & filed by a qualified Tax Advantages professional. Need Help with 1031 issues ? Then contact us now >
 
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§ 1031. Exchange of property held for productive use or investment...Read more law >

Related Hot Topics

    • Land Exchange
    • Tax Redemption
    • Real Property
    • Doing a Partial Exchange
    • Tax Deferred Exchanges


    If you plan on utilizing Section 1031, you may do so with more than one property.

    You can do so with up to three properties at once.

Terms & Glossary about 1031

Tax Levy

Definition:
In terms of property taxes, the total revenue to be generated by the tax.

Tax Savings

Definition:
The deduction a taxpayer can take on their tax form for interest paid on a home mortgage. The amount of money that the homeowner is not required to pay the government in taxes because he or she owns a home.

Taxes

Definition:
As a part of PITI, the amount of the monthly mortgage payment which does not include the principal, interest, and insurance.

Depreciation

Definition:
Decrease in the usefulness, and therefore value, of real property improvements or other assets caused by deterioration or obsolescence. (2) A loss in value as an accounting procedure to use as a deduction for income tax purposes.

Like-Kind Property

Definition:
A tax term used in certain real property exchanges. Property must be exchanged for like-kind property and the tax consequences postponed pursuant to Section 1031 of the Internal Revenue Code.

Economic Feasibility

Definition:
A project’s feasibility in terms of costs and revenue with excess revenue establishing the degree of feasibility.

Did You Know ?
If you plan on utilizing Section 1031, you may do so with more than one property.

You can do so with up to three properties at once.

Need to get more information about Tax Advantages & 1031 issues? Then click here to contact us.