Do you have an investment property you want to get rid of? An apartment building you no longer want to keep up? A plot of land just sitting empty? Ever wish you could just exchange that property for something else that better fits your needs?
Well, you can! 1031 is a section of the tax code that allows property owners to exchange a “like kind” properties for one another without paying taxes on them.
So, if you sell your property for $1 million and aquire a property that is worth $600,000 through 1031 exchange you do NOT have to pay capital gains tax on that $400,000 of income you made in the transaction.
And no, this is not a tax loophole. As Greg Burns, Vice President at Investment Property Exchange Services Inc. put it, 1031 Exchange is the last great tax vehicle in our tax code today.
Greg will be joining us this week to explain 1031 exchange and how you can use it to your advantage, potentially saving yourself thousands of dollars!
Air Date: Saturday April 21st 3-4 pm
