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| Topic: |
Business
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| Number of pages / Number of words: |
12 / 3350 |
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The main issue is John and Jane can only afford to buy this building if they are able to capture all of the existing equity in their Atlanta duplex. To avoid (defer) a taxable event when they sell their duplex John and Jane can utilize Section 1031 of the IRC. There are, however, a few hoops that John and Jane must jump through to qualify...
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There are, however, a few hoops that John and Jane must jump through to qualify.
First, the properties being exchanged must be "like-kind", " this criteria is defined by its use, not its characteristics. For example, land may be exchanged for rental property such as a house, condo, or commercial real estate...
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