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Should I look into a 1031 Exchage
Additional Information
This is a basic primer - We are not tax advisors, always check with your tax advisor and tax attorney for changes in the tax laws and how such laws may affect your personal tax situation.
- Does a 1031 apply to me? It all depends on you personal situation.
- What is the result to me if it does? Generally it will DEFER not eliminate your tax burden to a later date.
- What are some circumstance that I may want to discuss this with my tax professional? Often it may apply if the property you sold was NOT your primary residence or if you profit on your personal residence exceeds the IRS stated amounts.
- Ahhh, this sounds complicated , should I just skip it? Atomic Realty suggests spending the time and money talking to tax professionals to fully understand if this could apply to you and its consequences. Don't be penny wish and pound foolish, It could save you a lot of taxes.
- If you decide a 1031 exchange is for you, we at Atomic Realty would love to help you locate your replacement property.
