3 Things You Need to Know About 1031 Exchange
If you want to sell your investment property for buying another property, you will need an arrangement that allows you to exchange the property while reducing the tax. This process is possible under Section 1031 of the United States Internal Revenue Code. As a law-abiding taxpayer, you can avoid paying capital gains taxes if you work with a service provider of replacement property in Utah . If you are new to the 1031 exchange, check out some points we share below. Not for personal use There might be several investment policies offered by the IRS tax code, but not the 1031 exchange. This program is for investment property only, and you cannot trade your real estate, stock in trade, bonds, Certificates of trust or beneficial interests, and other securities or pieces of evidence of indebtedness. The process of replacement property in Utah excludes these items because most of these cases are obsolete after the 1984 amendment. Investment property only If you want to trade your property unde