Ibps specialist law officer A 1031 exchange is a way of deferring payment of capital gains tax on certain types of real estate. Normally when an investment or business property is sold, capital gains tax has to be paid. However, with 1031 exchanges, by replacing the old property with a like-kind property, within set time limits, payment of capital gains tax can be avoided. ibps law officer common written examination for specialist Under the 1031 exchange real estate rules, a seller must have held a property for at least one year and a day for it to qualify. Another requirement is that both old (relinquished) and new (replacement) 1031 exchange properties must be of a like-kind - either rental properties, vacant land, trade, business or
investment properties ibps specialist law officer.
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