A
1031 Exchange, also known as a Like Kind Exchange, Real Estate Exchange
or Starker exchange is a way of
structuring a sale
of certain kinds of property so that the seller’s profit or gain is not
currently taxed. Instead, the property that is sold is replaced with
another “like kind” property. If the transaction is properly structured,
the seller’s profit or gain in deferred to a future date.
Section 1031 of the Internal Revenue Code, 26 U.S.C. § 1031, provides:
"No gain or loss shall be recognized on the exchange of property held for
productive use in a trade or business or for investment if such property
is exchanged solely for property of like kind which is to be held either
for productive use in a trade or business or for investment."
The sale of the relinquished property and the acquisition of the
replacement property do no have to be simultaneous. A non-simultaneous
exchange is sometimes called a Starker Tax Deferred Exchange (named for an
investor who challenged and won a case against the IRS). |
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Exchange Holding Svc Inc ±
1763 2nd St, Napa, CA 707 252-7149
U S Advisor Llc
5 Financial Plz # 205, Napa, CA 707 253-9953 |
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For a
non-simultaneous exchange, the taxpayer must use a Qualified
Intermediary, follow guidelines of the Internal Revenue Service, and
use the proceeds of the sale to buy more qualifying, like-kind,
investment or business property. The replacement property must be
“identified” within 45 days after the sale of the old property and the
acquisition of the replacement property must be completed within 180
days of the sale of the old property. |
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