Foreclosure Questions - How Does Foreclosure Work

real estate investing

If you exchange a personal or business property for a property of similar value, the IRS recognizes no financial gain and the capital gains tax can be deferred. The same is true for loss so be careful, no claim can be filed under 1031 for loss so make sure the property exchange is equitable. The Internal Revenue Service provides for the exchange of property under Code Section 1031. “If, as part of the exchange, you also receive other (not like-kind) property or money, gain is recognized to the extent of the other property and money received, but a loss is not recognized”. Since these exchanges are only applicable for like-kind trades, there is no cash profit realized unless the property is sold. Section 1031 exchanges allows for the tax deferment of a property exchange until the property is resold.

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