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A section 1031 real estate exchange is simply a method by which a real property owner disposes of one property and acquires another without having to pay capital gains tax on the transaction. In addition, there is a 25% depreciation recapture. This can be significant for properties that are fully depreciated. In an ordinary sale transaction, the property owner is taxed on any gain realized by the sale of the property. In a section 1031 real estate exchange, the tax and recapture on the sale are deferred indefinitely.
Section 1031 real estate exchanges are authorized by the Internal Revenue Service (IRS). Careful adherence to the requirements of Section 1031 is important in maintaining the tax-free status of the transaction. The sale of the relinquished property and the subsequent reinvestment in a replacement property can qualify as a trade or exchange by means of an exchange agreement and the services of a qualified intermediary. An intermediary can guide you through the IRS's regulations, making a section 1031 real estate exchange easy, inexpensive, and safe. You should also consider having your accountant and/or attorney review any real estate transaction.
For questions regarding tenants in common investments and section 1031 real estate exchange, please email or call our offices at 918.250.9880.