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Title
1| 1031 Help
Description
Excerpted from the website:
- 1031 exchange Explained
- 1031 exchange provides that no gain or loss shall be recognized on the exchange of investment real estate is held for productive use in a trade or business, or for investment. A tax-deferred exchange is a method by which a investment real estate real estate investor trades one or more relinquished investment real estate for one or more replacement investment real estate of like-kind. Such an exchange allows the issuer to defer the payment of federal income taxes and some state taxes on the transaction.The theory behind 1031 exchange is that when a investment real estate real estate investor has reinvested the sale proceeds into another investment real estate, the economic gain has not been realized in a way that generates funds to pay any tax. In other words, the taxpayer's investment is still the same, only the form has changed (e.g. vacant land exchanged for apartment building). Therefore, it would be unfair to force the taxpayer to pay tax on a paper gain.
