1031 Transfers.info: FAQs Questions For 1031 Exchange & Land Exchange Help

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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 Land Exchange professional. Need Help with 1031 issues ? Then contact us now >

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§ 1031. Exchange of property held for productive use or investment...Read more law >

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You may be wondering how long Section 1031 has been around for.

1031 Exchange has been around for a long time. In fact, it is reported to have begun as far back as the 1920s.

1031 Related News

IRS Tax Deferred Exchange
Acquisition of property by an exchange facilitator in connection with a section 1031 tax deferred exchange is subject to the real estate excise tax

Deferred Exchanges Of Like Kind Property
Like-kind property can be a variety of business property, not just real estate; it can be any property held for productive use in a trade or business or for investment.

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Terms about 1031

Depreciation

Definition:
Decrease in the usefulness, and therefore value, of real property improvements or other assets caused by deterioration or obsolescence. (2) A loss in value as an accounting procedure to use as a deduction for income tax purposes.

Recapture

Definition:
That portion of the gain from the sale of real estate that is taxed at ordinary income tax rates. Calculated as the difference between the accelerated depreciation taken and the straight-line depreciation that would have been allowed.

Tax Levy

Definition:
In terms of property taxes, the total revenue to be generated by the tax.

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FAQs Questions about 1031 Exchange

Question: What are some of the more common types of contractual transfers of real estate that are not exempted from transfer tax?

Answer:

Property transferred as part of a like-kind exchange under Sec.1031 of the IRC or as part of a land swap are subject to transfer tax based on the fair market value of the property. Transfer tax is payable on each property transferred.

Question:

Answer:

Question: What is a non-contractual transfer?

Answer:

A non-contractual transfer is a completed transfer of real estate or of an interest in real estate made as a gift, where no consideration is paid. The transferor must have relinguished control of the real estate or interest in real estate.

Did You Know ?
You may be wondering how long Section 1031 has been around for. 1031 Exchange has been around for a long time. In fact, it is reported to have begun as far back as the 1920s.

Need to get more information about Land Exchange & 1031 issues? Then click here to contact us.