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    If You Think You Get Services, Then Read This

    February 24th, 2017 by Peter Boing

    How Does 1031 Exchange Work?

    There is an inextricable link between government and business such that the actions of one often imposing consequences on the other. Government’s interest is in keeping the economy healthy and it does so through stimulations which includes tax incentives to certain types of businesses to patronize industries to give new markets a powerful boost. Let’s take the case of 1031 exchange where in a typically commercial real estate transaction, the seller is taxed on any gain realized from the sale of his or her property. The 1031 exchange allows property sellers to remove this tax liability by reinvesting the proceeds from the sale of his property in another property. Section 1031 of the Internal Revenue Code provides that no gain or loss shall be recognized on the exchange of property held for use in a business or for investment.

    The idea of the incentive is to defer taxes on gains incurred on the sale of your property as a means of moving it in a more effective investment that are greater in scale, more diverse or more aligned with your business or investment strategy.

    To determine a valid exchange there are strict rules and guidelines that must be followed. In Government’s effort to prod a real estate industry inventory, the total purchase price of the property to be acquired must be equal to or greater than the total net sales price of the property being relinquished. Another requirement is that there is a qualified intermediary when buying the property since simply selling the property yourself and buying another with its proceeds disqualifies the exchange. These intermediaries are independent organizations or companies that work full time facilitating such exchange, by handling the funds from the original sale through the exchange process and then deliver the money to the closing agent. Intermediaries are responsible to fill up all of the appropriate tax forms and exchange agreements related to the process.

    It is more appropriately described this way: if your real estate sale and subsequent purchase qualify for a 1031 exchange, and you meet the requirements of the time frames given, it is as if you are using the government’s money to grow your holdings. With 1031 exchange, real estate investors will benefit from deferring capital gains taxes all the way if you repeatedly trade up for increase value or rental income. The money that would have paid capital gains taxes for each transaction is plowed into the next transaction as equity in the new property. Thanks to this government program, you can now grow your real estate portfolio.

    If you are going to move or relocated and become an absentee landlord, this can give you disadvantages. what you can do is to exchange the real estate investment with something nearer your home so it can be managed without paying taxes on the sale.

    Cite: check over here

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