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| 1900 Hwy 64 West |
| Murphy, NC 28906 |
| Direct : My cell#: (828)837-0991 Toll free: 877-837-2288 |
| Fax : (828)837-9080 |
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| Daily Real Estate News |
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| What is a 1031 exchange? |
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| A well-established method of deferring taxes (that would otherwise be due) on the disposition of a relinquished property (held for investment or for the productive use in a trade or business) by exchanging for "like-kind" replacement property (held for investment or for the productive use in a trade or business) in compliance with section 1031 of the Internal Revenue Code. When the criteria of section 1031 are met, no gain or loss shall be recognized. While 1031 exchanges are commonly referred to as “tax-free” exchanges, per the foregoing definition, they are more properly referred to as tax-deferred exchanges. |
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