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...although the property was a considerable distance from where we live, we decided to inquire about it. After our phone call to Dave and Bob we received more information about different listing ... Read
- Walter & Vera Bursztynski |
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What is a 1031 Exchange? |
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| Section 1031 of the Internal Revenue Code provides that no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business, or for investment. A tax deferred exchange is a method by which a property owner trades one or more relinquished properties for one or more replacement properties of like-kind, while deferring the payment of federal income taxes and some state taxes on the transaction. |
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