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- 1031 rules are the regulations that govern the tax-deferred exchange of like-kind properties123.Some of the main 1031 rules are425:
- Properties must be for productive use in a trade or business or for investment12
- Properties must be of similar nature or character, regardless of quality or grade1
- Replacement property must be equal or higher in value than the relinquished property45
- Replacement property must be identified within 45 days and purchased within 180 days of the exchange425
- The same taxpayer must be the owner of both the relinquished and the replacement property4
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Section 1031 (a) of the Internal Revenue Code (26 U.S.C. § 1031) states the recognition rules for realized gains (or losses) that arise as a result of an exchange of like-kind property held for productive use in trade or business or for investment. It states that none of the realized gain or loss will be recognized at the time of the exchange.en.wikipedia.org/wiki/Internal_Revenue_Code_sect…Rules for Using Section 1031 Section 1031 defers tax on swaps of like-kind real estate done in a timely manner. There are a number of important steps to a properly structured 1031 exchange: The real estate purchased with the proceeds must be like-kind. The tax must be paid on any “boot” in the year of the 1031 exchange.www.investopedia.com/terms/s/section1031.aspThe 1031 Exchange Rules, under Section 1031 of the U.S. Internal Revenue Code, provide investors with the opportunity to defer capital gains taxes when they sell an investment property and reinvest the proceeds into a "like-kind" property.www.financestrategists.com/tax/tax-planning/1031-…1031 exchange rules for dummies
- 1. Properties must be “like-kind” ...
- 2. Property must be for productive use in a trade or business ...
- 3. Replacement property must be equal or higher in value ...
inside1031.com/1031-exchange/The three primary 1031 exchange rules to follow are:
- Replacement property should be of equal or greater value to the one being sold
- Replacement property must be identified within 45 days
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