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WHAT IS A 1031 TAX DEFERRED EXCHANGE?
1031 exchanges are specifically structured transactions, with very precise deadlines, that join together the sale of an old property and the purchase of a new (replacement) property for the purpose of deferring taxes (capital gains).
Exchanges are primarily used for buying and selling investment real estate, but they can also be used for personal property that is used in a business. Examples of qualifying property include bare land, rental property, commercial buildings and homes other than your primary residence.
Check with your accountant or tax advisor to see if your real estate transaction is eligible for a 1031 Tax Deferred Exchange. Many rules and restrictions apply, but with a qualified intermediary and your real estate professional assisting you along the way, it can be a great tool saving you a significant amount of money.
Most of the local title companies in Summit County offer the service of a Qualified Intermediary and can assist you with a hassle free 1031 Tax Deferred Exchange.
For more info, click on one of the helpful 1031 Exchange links on this page.
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