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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 Real Property professional. Need Help with 1031 issues ? Then contact us now >
 
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ยง 1031. Exchange of property held for productive use or investment...Read more law >

Related Hot Topics

    • Land Exchange
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    One property is not always exchanged for just one other property.

    Two or more types of real estate can be exchanged for one replacement type of real estate. Also, one type of real estate can be exchanged for two or more types of real estate.

Terms & Glossary about 1031

Tax Lien

Definition:
(1) A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid. (2) A federal income tax lien. May attach to all property of the person owing the taxes.

Taxes

Definition:
As a part of PITI, the amount of the monthly mortgage payment which does not include the principal, interest, and insurance.

Indirect Costs

Definition:
Development costs other than direct material or direct labor costs including administrative and office expenses, financing costs and property taxes.

Tax Savings

Definition:
The deduction a taxpayer can take on their tax form for interest paid on a home mortgage. The amount of money that the homeowner is not required to pay the government in taxes because he or she owns a home.

Property Tax

Definition:
The amount which the state and/or locality assesses as a tax on a piece of property.

Negative Amortization

Definition:
A situation in which a borrower is paying less interest than what is actually being charged for a mortgage loan. The unpaid interest is added to the loan's principal. The borrower may end up owing more than the original amount of the mortgage.

Did You Know ?
One property is not always exchanged for just one other property.

Two or more types of real estate can be exchanged for one replacement type of real estate. Also, one type of real estate can be exchanged for two or more types of real estate.

Need to get more information about Real Property & 1031 issues? Then click here to contact us.