1031 tax: 1031 Tax Exchange
- 02/22/12 11:45 PM
1031 investment property is real or personal property held for the proper intent as defined by Internal Revenue Code § 1.1031. 1031 exchanges allow the owner to indefinitely defer the federal and state capital gains and recaptured depreciation taxes triggered when the property is sold and replaced with like-kind property. Taxes are due when the replacement property is sold or deferred in another 1031 exchange. Proper Intent The proper intent is “property held in a trade, business or investment.” Facts support the proper 1031 investment property intent such as: hold time rental history minimal personal use history of purchase and sales, … (0 comments)
1031 investment property is real or personal property held for the proper intent as defined by Internal Revenue Code § 1.1031. 1031 exchanges allow the owner to indefinitely defer the federal and state capital gains and recaptured depreciation taxes triggered when the property is sold and replaced with like-kind property. Taxes are due when the replacement property is sold or deferred in another 1031 exchange.
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