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What Is 1031? also referred to as a 1031 Exchange or Like-Kind Exchange, and falls under Section 1031 of the Internal Revenue Code. This tax section deals with property value in sale of business or trades and other like sales. Contact us to get your property exchange prepared & filed by a qualified Replacement Property Identification professional. Need Help with 1031 issues ? Then contact us now >
 
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§ 1031. Exchange of property held for productive use or investment...Read more law >

Related Hot Topics

    • Starker Exchanges
    • Replacement Property Identification
    • Qualified Intermediaries
    • Tax Savings
    • Capital Gains


    You may be wondering how long Section 1031 has been around for.

    1031 Exchange has been around for a long time. In fact, it is reported to have begun as far back as the 1920s.

Terms & Glossary about 1031

Tax Roll

Definition:
A list containing the descriptions of all parcels in the county, the names of the owners (or those receiving the tax bill), assessed values and tax amounts.

Tax Lien

Definition:
(1) A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid. (2) A federal income tax lien. May attach to all property of the person owing the taxes.

Indirect Costs

Definition:
Development costs other than direct material or direct labor costs including administrative and office expenses, financing costs and property taxes.

Like-Kind Property

Definition:
A tax term used in certain real property exchanges. Property must be exchanged for like-kind property and the tax consequences postponed pursuant to Section 1031 of the Internal Revenue Code.

Depreciation

Definition:
Decrease in the usefulness, and therefore value, of real property improvements or other assets caused by deterioration or obsolescence. (2) A loss in value as an accounting procedure to use as a deduction for income tax purposes.

Ad Valorem Tax

Definition:
A tax levied in proportion to the value of the thing(s) being taxed. Exclusive of exemptions, use-value assessment laws, and the like, the property tax is an ad valorem tax

Did You Know ?
You may be wondering how long Section 1031 has been around for.

1031 Exchange has been around for a long time. In fact, it is reported to have begun as far back as the 1920s.

Need to get more information about Replacement Property Identification & 1031 issues? Then click here to contact us.