Knowing These Key Points Will Make 1031 Exchange Process Easier for You
Investors are always on the lookout for ways to avoid paying unnecessary taxes. If you have been looking for a completely legal and easy way of not paying capital gain tax and depreciation recapture tax, then you should consider going for 1031 exchange. You have to pay these taxes when you sell you investment property and buy a similar type of property. There are several 1031 exchange properties in Salt Lake City but before you think of acquiring them in place of your relinquished property, it is important for you to understand some key things about this tax deferring solution. Let’s take a look at them. Back in old days, people were exchanging things such as patents, vehicles, aircrafts, and whatnot. If you think you can do the same with 1031 exchange, then you are mistaken. Now, you can exchange only business or investment property with the help of 1031 exchange. In order to make the 1031 exchange completely smooth and stress-free for yourself, we will advise you get a Qualified Int