January 5, 2022
On a recent team call, an agent explained how her client closed on new year’s eve. Historically, a very quiet time of the year for real estate transactions. In her words, the client closed because
“a ‘1031 Exchange’ never sleeps”.
Well nor do good realtors. They take on the burden of the details so their clients can sleep. I digress. This isn’t about good sleep habits, this is an overview of a 1031 Exchange.
What is a 1031 Exchange?
Over the years we have helped numerous San Francisco property sellers navigate a 1031 Exchange. If you have any additional questions after reading this or would like to be connected with a reputable tax professional, drop us a line. Our team would be happy to help.
Simply put a 1031 Exchange allows a real estate investor (that’s you) to defer a hefty capital gains tax on a recently sold property by reinvesting the proceeds into a like-kind property of equal or greater value. Like most things tax-related it gets its catchy name from section 1031 of the U.S. Internal Revenue Code.
For more insight check out this IRS fact sheet to see who qualifies, the different structures, and what property qualifies for Like-Kind exchange.
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