For Sellers
1031 Tax Exchanges
It is a big decision to sell an Outer Banks property. You must
take into consideration how much you currently use the property,
the current market conditions, tax ramifications, and the emotional
ties you have to the property.
If your current property is an investment property and you plan
on buying additional investment property, it may be advantageous
for you to do a tax deferred exchange. Internal Revenue Code
Section 1031 provides a vehicle for deferring the payment of
capital gain taxes on the sale of investment property allowing
you to reinvest the proceeds from the sale of your current investment
property into another investment property without paying your
capital gains at this time.
If you choose to do a 1031 tax exchange, you must follow IRS guidelines
to complete the exchange. Check with your accountant to see if
a 1031 tax deferred exchange would be beneficial for you. More
information on tax deferred exchanges is available at www.starker.com,
www.apiexchange.com
and www.1031.us.
|
Print
ALL "For Sellers" pages
