defer taxes: THREE TAX STRATEGIES TO MAXIMIZE TAX SAVINGS IN A 1031 EXCHANGE
- 10/11/07 03:17 AM
Failed Exchanges Can Still Defer Taxes by One Year Exchanges begun after July 5th, that magic time of year, bring into play a little known tax regulation under Section 1031. This regulation allows you to defer tax liability for one year even though a 1031 exchange fails. The general rule is that a 1031x must be reported on the tax return for the year in which the relinquished property sells. Therefore, an exchange started in 2006 must be reported on a 2006 tax return. There is one exception. An exchange started in 2006, (but not completed by the end of (1 comments)