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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 Identifying the Replacement Property professional. Need Help with 1031 issues ? Then contact us now >
 
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ยง 1031. Exchange of property held for productive use or investment...Read more law >

Related Hot Topics

    • Like-Kind Property
    • Compare Intermediaries
    • Starker Exchanges
    • Personal Property
    • The Internal Revenue Code


    You may be wondering how long Section 1031 has been around for.

    1031 Exchange has been around for a long time. In fact, it is reported to have begun as far back as the 1920s.

Terms & Glossary about 1031

Negative Amortization

Definition:
A situation in which a borrower is paying less interest than what is actually being charged for a mortgage loan. The unpaid interest is added to the loan's principal. The borrower may end up owing more than the original amount of the mortgage.

Indirect Costs

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

Operating Expenses

Definition:
The actual cost of operating income - producing property, including utilities and similar day-to-day expenses, taxes, insurance and reserves for the replacement of items that wear out.

Tax Base

Definition:
Assessed valuation of real property, which is multiplied by the tax rate to determine the amount of tax due.

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

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.

Did You Know ?
You may be wondering how long Section 1031 has been around for.

1031 Exchange has been around for a long time. In fact, it is reported to have begun as far back as the 1920s.

Need to get more information about Identifying the Replacement Property & 1031 issues? Then click here to contact us.