Welcome to 1031 Facts.com
 
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 Identifying the Replacement Property professional. Need Help with 1031 issues ? Then contact us now >
 
SEARCH:

 Exchange Help Pages



 Law Center

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

Related Hot Topics

    • Identifying the Replacement Property
    • Tax Codes
    • Land Exchange
    • Facilitators
    • Identifying the Replacement Property


    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.

Terms & Glossary about 1031

Like-Kind Property

Definition:
A tax term used in certain real property exchanges. Property must be exchanged for like-kind property and the tax consequences postponed pursuant to Section 1031 of the Internal Revenue Code.

Assessor

Definition:
A government official who is responsible for determining the value of a property for the purpose of taxation.

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.

Non-Conforming Loan

Definition:
A loan that does not conform to Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. Jumbo loans are nonconforming.

Indirect Costs

Definition:
Development costs other than direct material or direct labor costs including administrative and office expenses, financing costs and property taxes.

Ad Valorem Tax

Definition:
A tax levied in proportion to the value of the thing(s) being taxed. Exclusive of exemptions, use-value assessment laws, and the like, the property tax is an ad valorem tax

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 Identifying the Replacement Property & 1031 issues? Then click here to contact us.