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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 Starker Exchanges 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

    • Property Exchanges
    • Indirect Costs
    • Investing
    • Starker Exchanges
    • Ad Valorem Taxes


    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

Assessor

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

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.

Tax Levy

Definition:
In terms of property taxes, the total revenue to be generated by the 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.

Carrying Charges

Definition:
Various costs that are incidental to ownership (e.g., taxes insurance costs and maintenance expenses).

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 ?
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 Starker Exchanges & 1031 issues? Then click here to contact us.