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Story Archives: More myths surround '1031 Exchange'
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More myths surround '1031 Exchange'
A few weeks ago I wrote about the IRS Rule called a '1031 Exchange' and some of the myths that surround this section of the IRS Tax Code.
This time I will address additional myths. The simple explanation of the 1031 Rule is that an investment property can be exchanged for a 'like kind' property without paying federal taxes on the gain which can significantly impact the return on an investment at the point of sale. There remains much confusion about this rule, in part caused by the changing interpretation of the term 'like kind'.
MYTH — TO DO AN EXCHANGE YOU HAVE TO BUY FOR THE SAME PRICE.
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Bill Roark is a Commercial Associate Broker at Keller Williams Realty and may be contacted at bill_roark1@yahoo.com. |
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