If you are buying, selling a home or an investor then you no doubt have heard of a 1031 exchange. I have had friends come up to me and say "Alex, I keep hearing this term 1031 exchange, but what in the world is it?" Simply put, it is a way for you to make a "like kind" exchange and not pay taxes on the sale of your property be it personal or real, to the IRS. In the housing market this means you can sell one home and buy another without paying a penalty on capital gains. You have approximately 45 days from the date of sale of your old home to identify a new one for purchase and a total of 180 days for the sale to finalize in order to meet the guidelines of the 1031 exchange. If this is something that you are considering as part of your investment strategy in real estate, I would advise you speak with your tax accountant to ensure you are following all of the tax codes and reinvesting properly. There are always caveats to every code such as the property bought with the proceeds of the sale of the old must be of equal to or greater value. These are areas you may want to discuss with your tax accountant or attorney to ensure you are investing in a way that is correct for you and your family. I found that WIkipedia has a nice breakdown of the code should you want further detail. Real estate can be a great investment strategy if done right, so ensure you are up on all of the codes, especially the 1031 exchange when you are thinking of buying or selling your home!
There are some people who have not purchased homes because they are un
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