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What Is 1031? also referred to as a 1031 Exchange or Like-Kind Exchange, and falls under Section 1031 of the Internal Revenue Code. This tax section deals with property value in sale of business or trades and other like sales. Contact us to get your property exchange prepared & filed by a qualified Doing a Partial Exchange professional. Need Help with 1031 issues ? Then contact us now >
 
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§ 1031. Exchange of property held for productive use or investment...Read more law >

Related Hot Topics

    • Starker Exchanges
    • Accommodators
    • Land Exchange
    • Replacement Property Identification
    • Tenant In Common


    One property is not always exchanged for just one other property.

    Two or more types of real estate can be exchanged for one replacement type of real estate. Also, one type of real estate can be exchanged for two or more types of real estate.

Terms & Glossary about 1031

Curtailments

Definition:
The borrower's privilege to make payments on a loan's principal before they are due. Paying off a mortgage before it is due may incur a penalty if so specified in the mortgage's prepayment clause.

Tax Base

Definition:
Assessed valuation of real property, which is multiplied by the tax rate to determine the amount of tax due.

Tax Levy

Definition:
In terms of property taxes, the total revenue to be generated by the tax.

Depreciation

Definition:
Decrease in the usefulness, and therefore value, of real property improvements or other assets caused by deterioration or obsolescence. (2) A loss in value as an accounting procedure to use as a deduction for income tax purposes.

Negative Amortization

Definition:
A situation in which a borrower is paying less interest than what is actually being charged for a mortgage loan. The unpaid interest is added to the loan's principal. The borrower may end up owing more than the original amount of the mortgage.

Ad Valorem Tax

Definition:
A tax levied in proportion to the value of the thing(s) being taxed. Exclusive of exemptions, use-value assessment laws, and the like, the property tax is an ad valorem tax

Did You Know ?
One property is not always exchanged for just one other property.

Two or more types of real estate can be exchanged for one replacement type of real estate. Also, one type of real estate can be exchanged for two or more types of real estate.

Need to get more information about Doing a Partial Exchange & 1031 issues? Then click here to contact us.