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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 Starker Exchanges 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 >

Related Hot Topics

    • Tenant In Common
    • Exchange Formats
    • Doing a Partial Exchange
    • Qualified Intermediaries
    • Property Exchanges


    If you plan on utilizing Section 1031, you may do so with more than one property.

    You can do so with up to three properties at once.

FAQs Questions about 1031 Exchange


Question: Is a transfer into or out of an irrevocable trust taxable?

Answer:

It depends. If the transfer is a gift, it is not taxable. If it is not a gift, the same rules apply as for all other contractual transfers.




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.




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.



Did You Know ?
If you plan on utilizing Section 1031, you may do so with more than one property.

You can do so with up to three properties at once.

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