Are you searching for a reputed company who can work on title searches quickly and efficiently? Then, the Advanced Abstract is the right choice for you. Want to know why? We have been providing title searches and insurances to providers and buyers in and around Allentown PA, Bethlehem PA, Easton PA and Stroudsburg PA. Along with years of experience in the field, we have a team of skilled professionals who has been working with us for more than 10 years. We can proudly say that we have the ability and expertise to offer you top notch service ensuring client satisfaction to the fullest. So, if you are convinced, go further and read this blog to know about some interesting facts about 1031 exchange.
Some facts about 1031 exchange that you should know
- Not for personal use
If you are considering trading up your primary residence to avoid capital gains liability, you are thoroughly wrong. This is because a 1031 exchange is only available for property held for business or investment purpose.
- There are some exceptions
Like most things in the IRS code, there are exceptions to the rule of 1031 exchange. Though personal residences don’t qualify in most cases, you may be able to successfully exchange personal property in a Tenancy-In-Common.
- Exchanges property must be like –kind
New investors might find it confusing to understand the term “like-kind”. But, let me make it clear for you. The term “like-kind” doesn’t mean “exactly the same”, but that the exchanged properties must be similar in use and scope.
- You can designate multiple replacement properties
To make it easier for completing a successful exchange, the IRS permits you to name more than one replacement property though they are subject to strict limitations. You can name up to three replacement properties as long as you close on one of them within the requisite time limitations. Alternatively, you can nominate more than three properties if they adhere to a valuation requirement.
I hope this blog has given you enough information on 1031 exchange. So, if you need any assistance regarding title searches, feel free to get in touch with us now at 610-740-9100.
Bethlehem PA, Allentown PA, Easton PA 1031 Exchange can be a great solution for your business property. Contact us for details on 1031 exchange now.