Section 1031 of the IRS code lets you buy and sell “like-kind” property without having to pay taxes at the time of the sale, maybe never, so long as certain rules are met. This is because the new property is seen as a continuation of the original.
Long mistaken as a tool for corporations or professional investors, the 1031 Exchange is actually a strategy that can be implemented by most anyone with the help of an approved accomodator.
The steps to an exchange are as follows:
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