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1031 Exchange Explained

11/2/2018

 
At Layman & Nichols, we often work with clients on tax deferred exchanges. In this video, Mac Nichols talks about the benefits of a 1031 exchange, often known as a tax deferred exchange.
These benefits include:

• allows you to sell real estate or other property and defer the capital gain by reinvesting it in other property, therefore

• give you more money to invest, since you don’t have to pay tax on the sale of the property


​What properties qualify? They have to be held for business or investment purposes. The exchange also has to satisfy a “like-kind” requirement. In order to qualify for a 1031, the transaction must be structured as an exchange, rather than a simple sale and repurchase. For this, you need a Qualified Intermediary (QI) who helps you to complete the transaction.
Are you interested in beginning a 1031 Exchange? Contact us today to find out how we can work with you.
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