What Is 1031? also referred to as a 1031 Exchange or Like-Kind Exchange, and falls under Section 1031 of the Internal Revenue Code. This tax section deals with property value in sale of business or trades and other like sales. Contact us to get your property exchange prepared & filed by a qualified
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ยง 1031. Exchange of property held for productive use or investment...Read more law >
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Ad Valorem Taxes
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Real Property
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Starker Exchanges
One property is not always exchanged for just one other property.
Two or more types of real estate can be exchanged for one replacement type of real estate. Also, one type of real estate can be exchanged for two or more types of real estate.
Definition:
A tax levied in proportion to the value of the thing(s) being taxed. Exclusive of exemptions, use-value assessment laws, and the like, the property tax is an ad valorem tax
Tax Base
Definition:
Assessed valuation of real property, which is multiplied by the tax rate to determine the amount of tax due.
Indirect Costs
Definition:
Development costs other than direct material or direct labor costs including administrative and office expenses, financing costs and property taxes.
One property is not always exchanged for just one other property.
Two or more types of real estate can be exchanged for one replacement type of real estate. Also, one type of real estate can be exchanged for two or more types of real estate.