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IRS Code 1031 allows investors to defer paying both Federal and State capital gains taxes and depreciation recapture when they sell a investment property and buy another investment property of “like kind” through a 1031 exchange transaction. In other words, you can buy the property you want and build your wealth faster by taking advantage of the 1031 exchange process.
The 1031 Exchange (also referred to as a Tax-Deferred Exchange or Like-Kind Exchange) is likely the most powerful investment tool available to property owners in the 21st century. 1031 exchanging provides you with the financial power to move from investment to investment, be it real estate, equipment, business assets, artwork or aircraft, while maximizing your equity value.
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A recent revenue procedure provides guidance under which the IRS will not challenge whether a dwelling unit qualifies for an exchange under Section 1031. An Exchange of a Vacation Homes and Conversions to or from Personal Residences has now been specifically addressed by the IRS. This safe harbor also indirectly addresses the issue of converting a principal residence prior to or after an exchange. Find More