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1031

Section 1031 of the US Internal Revenue Code relates to the exchange of property held for productive use or investment. It specifically states that "no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held either for productive use in a trade or business or for investment." In other words, the exchange isn't taxable.

There are a number of exceptions to the favorable tax treatment accorded by Section 1031. For example, personal residences, interests in a partnership, and stocks aren't eligible. Almost all commercial real estate within the US is eligible, but exchanges of property in the US for property outside the US aren't.

Section 1031 requires that replacement property be identified and that the entire exchange be completed no more than 180 days after the transfer of the exchanged property. In other words, if you sell a piece of commercial real estate on June 1, you must complete acquisition of an identified replacement property no more than 180 days later. Another extremely important provision of the section is that the property to be received in exchange must be properly identified no more than 45 days from the date of transfer of the relinquished property.

TM 1031 Exchange exists to help taxpayers meet these deadlines. We have more than 20 years of real estate experience and a nationwide database of properties that can be identified within the IRS deadlines. To learn more about our services, please call us at 1-877-4TM-1031 or send us an email here info@tm1031exchange.com

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