What Is 1031? also referred to as a 1031 Exchange or Like-Kind Exchange, and falls under Section 1031 of the Internal Revenue Code. This tax section deals with property value in sale of business or trades and other like sales. Contact us to get your property exchange prepared & filed by a qualified
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ยง 1031. Exchange of property held for productive use or investment...Read more law >
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Several terms are out there that are all other names for 1031 Exchanges.
"Starker exchange" is just one of these many terms.
1031 Related News
Equastone Acquires Office Project For $35 Million
The acquisition of The Views by an affiliate of Equastone Value Fund I completes a 1031 tax-deferred exchange of the proceeds from the recent sale of The Quad at Lowry IV
Definition:
A written document conveying title to property repossessed by the government due to default on tax payments.
Ad Valorem Tax
Definition:
A tax levied in proportion to the value of the thing(s) being taxed. Exclusive of exemptions, use-value assessment laws, and the like, the property tax is an ad valorem tax
Indirect Costs
Definition:
Development costs other than direct material or direct labor costs including administrative and office expenses, financing costs and property taxes.
Question: What are some of the more common types of contractual transfers of real estate that are not exempted from transfer tax?
Answer:
Property transferred as part of a like-kind exchange under Sec.1031 of the IRC or as part of a land swap are subject to transfer tax based on the fair market value of the property. Transfer tax is payable on each property transferred.
Question: What are some of the more common types of contractual transfers of real estate that are not exempted from transfer tax?
Answer:
Property transferred as part of a like-kind exchange under Sec.1031 of the IRC or as part of a land swap are subject to transfer tax based on the fair market value of the property. Transfer tax is payable on each property transferred.
Question: Is a transfer into or out of an irrevocable trust taxable?
Answer:
It depends. If the transfer is a gift, it is not taxable. If it is not a gift, the same rules apply as for all other contractual transfers.
Did You Know ?
Several terms are out there that are all other names for 1031 Exchanges.
"Starker exchange" is just one of these many terms.