What is a 1031 Exchange?
Using a 1031 Tax-Deferred Exchange, a seller is able to defer taxes by rolling gains into the purchase of another like-kind property. Most commonly, real estate is sold and the proceeds are used to purchase a different piece of real estate. As a result, the gain that would otherwise be recognized from the sale of the original property can be deferred indefinitely.
Please consult your tax advisor to discuss your specific situation, but if you're ready to talk about utilizing a 1031, give us a call today!