Lake Martin Topics: 1031 IRS Exchange

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	Name:	JUA -
	Subject:	1031 IRS Exchange
	Date:	8/27/2006 6:07:33 PM

You should be able to avoid capital gains by using a 1031 tax free exchange. You can sell a lake property and buy more real estate, commercial or residential. You can split the money and buy multiple properties, too. I used one on the sale of a lot in the FLA panhandle and the purchase of a house and 6 acres in the Tennessee backwoods two years ago.
You have to get a tax accountant or lawyer to set one up and you don't actually get to hold the check. But you can use the proceeds to buy more stuff without having to fool with a 15 to 20 percent tax hit. Only cost a few hundred dollars to do it and saved me thousands in capital gains.
Don't know about state income taxes since we don't (and won't) have one in TN.
There are specific rules and timelines that have to followed and it is best to use a good lawyer with experience in the 1031s. Should be at least one in AC or Opelika.
JUA

Other messages in this thread:

View Entire Thread

Just asking... - Capt D - 8/26/2006 12:32:04 PM

Just asking... - TotheLake - 8/26/2006 2:54:51 PM

Just asking... - weagle89 - 8/26/2006 5:32:28 PM

Just asking... - ridgeman - 8/26/2006 8:09:51 PM

Just asking... - TotheLake - 8/26/2006 8:39:06 PM

Just asking... - au67 - 8/26/2006 8:40:08 PM

Just asking... - TotheLake - 8/26/2006 8:35:15 PM

1031 IRS Exchange - JUA - 8/27/2006 6:07:33 PM

1031 IRS Exchange - Bob - 8/27/2006 8:20:35 PM

1031 IRS Exchange - TotheLake - 8/27/2006 9:53:42 PM

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