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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Definition:
A government official who is responsible for determining the value of a property for the purpose of taxation.
Property Tax
Definition:
The amount which the state and/or locality assesses as a tax on a piece of property.
Like-Kind Property
Definition:
A tax term used in certain real property exchanges. Property must be exchanged for like-kind property and the tax consequences postponed pursuant to Section 1031 of the Internal Revenue Code.