IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange. Gain deferred in a like-kind exchange under IRC Section 1031 is tax-deferred, but it is not tax-free.
Prior to enactment of the 2017 Tax Act, 1031 Exchanges were available for various types of transactions involving capital assets including real estate, collector cars, works of art and other collectibles. Following enactment of the 2017 Tax Act, 1031 Exchanges are now limited exclusively to transactions involving real estate.
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5.0/5.0He is the best lawyer
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5.0/5.0
Excellent lawyer.
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5.0/5.0
one of the sharpest, most ethical, and nicest attorneys in town.
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5.0/5.0
Jeff and I were adverse in a highly contested matter over a considerable period of time, and I was always impressed with the forthright manner in which represented his client's interests and his intergrity and professionalism.
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5.0/5.0
Jeff has served on our nonprofit board for several years and has helped us in many areas including employment, insurance, relations with various governmental agencies and represented us successfully in a action against the state regarding improper en...
