Posts tagged commonly used 1031 terms.
Individuals and businesses seeking to sell trade or investment property may have taxable capital gains or other income from the sale. Section 1031 of the Internal Revenue Code provides an opportunity to instead exchange this property for other property of a "like kind", and to defer, postpone, or even exclude altogether (at death) this tax.
Like all tax rules, Section 1031 contains important definitions and terms, which must be considered in understanding how this tax mechanism works.
3 Property Rule - An Exchangor may identify as Replacement Property like-kind property of any ...
Posted in: Federal Tax, Income Tax
Tags: commonly used 1031 terms, commonly used section 1031 exchanges, like kind commonly used terms, like kind tax terms, section 1031 terms