Business
We are back with our Vendor Series and this week we have two great guests to share with us the ins and outs of 1031 Exchange. A §1031 Exchange is a valuable tax strategy for those selling and buying real estate for investment. Whenever a business or investment property is sold and there is a gain, generally the person selling the property has to pay taxes on the gain at the time of sale. IRC §1031 provides an exception and allows payment of the tax on the gain to be deferred if the seller reinvests the proceeds in a like-kind property as part of a qualifying §1031 Exchange. By exchanging one property for another, the property owner can defer federal and state* capital gains taxes, leaving greater net profits for reinvestment. In addition to improving cash flow, §1031 Exchanges also allow investors to shift an investment from one geographic region to another, trade older properties for newer ones, leverage existing equity, and diversify, improve and/or increase a real estate portfolio. Tune in NOW from our 1031 Exchange Experts as they break it down!!