1031 Exchange Real Estate
1031 is a section of the Internal Revenue code, and it specifically addresses the exchange of income producing property. However, not all properties qualify for a 1031 exchange.
What Type of Property Qualifies?
There are some guidelines as to which property qualifies for a 1031 exchange. The income producing property doesn’t have to be real estate. The property can be business equipment, farm equipment, or even livestock. What it can’t be is your personal residence or personal assets.
Are 1031 Exchanges New?
Although some are unfamiliar with them, 1031 exchanges are not new. They have actually been around for a long time. Often times, however, 1031 exchanges are overlooked by consumers because real estate agents prefer to encourage two sales instead of one.
In addition, many Americans do not understand tax law. Like any section of the IRS code, 1031 exchanges can be complicated and must be done properly.
Talk to a 1031 Expert Today
If you think you may qualify for a 1031 exchange, it’s time to call the experts at Baker Retirement and Wealth Management, P.C. We have been serving the greater Evansville area (Newburgh, Boonville, Jasper, Henderson, Owensboro, Mount Vernon, and beyond) with guidance regarding tax laws, family farm inheritance tax strategy, small business accounting, and more for nearly thirty years.
Call Baker Retirement and Wealth Management today at 1-866-244-3517.Request a 1031 Consultation