Knowledge Base
Stay up to date with expert insights from Tampa Bay's leading 1031 exchange attorneys.
In order to defer ALL capital gains and depreciation recapture taxes from the sale of the Relinquished Property the taxpayer must pay an equal or higher price for the Replacement Property. Any amount not reinvested — called boot — would be taxable.
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A simple guide to help determine if your situation qualifies for a 1031 exchange and if it seems like the best option for your upcoming real estate transaction.
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One of the most common questions asked is whether or not a vacation property qualifies for a 1031 exchange. Three basic rules introduced by the IRS in 2008 govern the answer.
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Since 1991, IRC § 1031 has required the use of an impartial third party — a Qualified Intermediary — to hold proceeds from the sale until the close on the Replacement Property.
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A 1031 exchange, also known as a like-kind exchange or tax deferred exchange, is where real property held for productive use in a trade or business or investment is sold and proceeds are reinvested into like-kind property.
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All 1031 exchanges have a 45-day identification period and a 180-day exchange period. Learn about the three identification rules: the 3-Property Rule, 200% Rule, and 95% Rule.
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While a taxpayer cannot utilize a traditional, forward 1031 exchange when looking to buy replacement property prior to selling the relinquished property, they might be able to utilize a Reverse Exchange — a more complex but powerful strategy.
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