Islamorada and Keys Real Estate Services

Tax Deferral Strategies for Real Property
In Section 1031, or "Like Kind Exchange", the taxpayer sells a property (not primary residence) and acquires a replacement property of equal or greater value to defer paying capital gains tax. The person doing the 1031 needs to specify in the sales contract that they are doing so and complete additional documentation provided by a qualified intermediary, such as a CPA or attorney. Once the seller has closed on the relinquished property, they must identify the replacement property within 45 days and close within 180 days.

For more information about Section 1031, visit the IRS website and consult with your CPA, financial advisor or attorney to be sure a that 1031 is right for you.

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