1031 Exchange program

[CalRehabber]

This will hopefully be my first of many 1031's

Can someone familiar with the 1031 help outline some basics to this?

I've held this property for a year now, almost ready to sell for profit..

What should I expect?

Thanks!

[flip_it_fast]

Hey Cal, I won't even begin to pretend that I know anything about 1031's. I know there are several people here who definitely would though.

For those of us who don't know what it is....

Simply put, a 1031 exchange is a tool that allows U.S. taxpayers to defer ALL of the capital-gains tax from the sale of an investment or business-property, such as:

• Aircraft
• Artwork
• Breeding Stock
• Collector Cars
• Construction Equipment
• Drilling Rigs (heavy equipment)
• Farm Machinery
• Real Estate
• Personal Property (used in a trade or business)
• Telecommunications Equipment
• etc.

...provided the proceeds are reinvested into the purchase of another "like kind" business or investment property, of equal or greater value.

Anyone who can help Cal out with what his expectations please be let him know. Thanks!

[flippinout]

Hey Cal, Im on my way to get one of our resident experts in here to give you some information on this question.

Please allow that person a little time to get my message and come in to answer you.