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Location: Westland, Michigan, United States

Graduate of Walsh Institute Of Accountancy (Now Walsh College) Michigan in 1959. Retired in 1987, but still active in the profession **World War II Veteran (Pacific) **PHONE 734-261-1979 **E-MAIL -cpabakem01@yahoo.com **(Domain Name CPASENSE Registered) **Mentioned in the Journal of Accountancy, SmartPros, Tax Prof Blog, CPA2BIZ, CPA Journal, AccountingWEB, CPATrendlines & More **Search Accounting Blogs: http://www.blognetnews.com/accounting (Includes cpasense)**TOPICS - FINANCE - FEDERAL & MICHIGAN TAXES ** Making Sense Of Your Finance & Taxes

Thursday, September 07, 2006

1031 Exchanges

1031 exchange (also known as a like-kind exchange) is a transaction that allows a taxpayer to defer the capital gains tax that would be due on a sale of an asset. 1031 exchanges are almost exclusively used in real estate, but they can be used for other types of assets as well. A 1031 exchange allows real estate investors to defer the capital gains tax on the sale of appreciated property if they reinvest the proceeds in a new property. But while a 1031 exchange may sound simple in premise, there are specific rules that must be followed to completely defer the capital gains tax.

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