1031 Exchanges

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1031 Exchanges | Real Estate Law Lawyer in Indiana

1031 Exchanges | Real Estate Law Lawyer in Indiana

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IRS Code Section 1031 has provided a method for real estate investors to swap property for another property of like kind and avoid the immediate payment of capital gains taxes. To shield yourself from immediate taxation, you must execute what is known as a 1031 exchange between “like-kind properties.” Although the transaction is more complicated than a simple swap, the 1031 exchange enables you to shift your current property investments into other properties.

You might choose to do this if you want to extract value from an existing investment property and invest it in a different property that produces more cash flow. You might fulfill other purposes as well with a 1031 exchange, but the deferment of taxes remains the primary goal. Due to the complexities of these transactions and strict IRS requirements and timelines, you should consult a knowledgeable real estate lawyer in Indiana when seeking the tax advantage of a 1031 exchange. Legal guidance can help you complete the primary task of finding a like-kind property to exchange for your existing property.

A 1031 exchange of like-kind properties does not have to mean that both properties possess the same grade or quality. They need only have a similar nature or character, which primarily means that they are investment properties. Many types of real property investments, could meet the definition of like-kind property, such as:

• Vacant land
• Unimproved or improved property
• Commercial buildings
• Rental homes and apartments
• Farms and ranches
• Net-lease property
• Industrial buildings
• Resorts
• Retail buildings
• Office buildings
• Residential senior facilities
• Restaurants
• Storage buildings
• Hotels and motels
• Daycare facilities

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