3 Questions to Ask About the 1031 Exchange
In the real estate sector, the famous 1031 exchange plan is used by a lot of individuals to qualify for tax-deferrals. While this plan does offer such advantages, there are a lot of rules and regulations you need to comply with to be eligible for this plan. Since it is not always possible to know and understand the complex terms on your own, you need to seek the assistance of a professional Utah’s 1031 exchange company and follow the processes you need. Here are some of the questions you should ask before you gather information about the 1031 exchange plan: 1. What is the 1031 exchange? To begin with, you need to gather information about what the plan is. Well, the 1031 exchange plan comes from section 1031 of the IRS (Internal Revenue Service) guidelines. In principle, the 1031 exchange plan is about the swapping of like-kind properties. Although the selling and purchasing of properties do incur taxes, if it qualifies for the 1031 exchange, you might have to pay little or no taxes at