A 1031 tax exchange is a way to exchange real property without incurring capital gains tax. This enables you to exchange real estate for other property of an equal or greater value, known as a “like-kind property.” Section 1031 is a federal tax code, so you can exchange properties between states. A state-to-state 1031 exchange[…] Read More
Month: May 2022
What Are Like-Kind Properties?
For real estate transactions under Section 1031 of the Internal Revenue Code, where capital gains taxes can be deferred, the term “like-kind” is used to define the properties that can be exchanged. Like-kind is essentially saying that the two properties being exchanged are of the same nature or kind, but do not have to be[…] Read More