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What is a 1031 tax-deferred, like-kind exchange?

April 26, 2017exchange like-kind tax-deferred

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What is a 1031 tax-deferred, like-kind exchange?

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Section 1031 of the IRS code enables taxpayers to dispose of certain real or personal property and defer their federal, and in most cases, state income tax liability by exchanging the real or personal property (relinquished property) for qualified use “like-kind” property (replacement property).