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There is a bit of confusion surrounding the 1031 tax exchange when the property is owned by more than one individual, specifically around the time they begin considering an exit strategy. The question sometimes arises after the relinquished property has already entered escrow, which poses problems because there isn’t much the parties can do when…
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Thinking about exchanging your investment property? Knowing what ‘like kind’ means is crucial to successfully deferring your tax burden. As a general rule, real estate for real estate, regardless of zoning, is a fine trade. In other words, if you trade your investment condo (residential) for a five-unit apartment building (apartment), you’re fine. But trying…
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Interested in exchanging your vacation home for another closer to home? Well, it may not be as simple as you think. A lot of tax payers are unclear on what the IRS rules are for this type of exchange, and think they qualify when they really don’t. Personal use is a big factor in distinguishing…
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