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| A 1031 exchange is a mechanism recognized by the IRS which allows an investor to trade up in investment properties by deferring the payment of capital gains tax. This mechanism is based upon the recognition that a property owner who has reinvested all of his sale proceeds into another property has not realized an economic gain that requires the payment of taxes. ELEMENTS OF AN EXCHANGE Like kind properties, i.e., real estate for real estate Strict time limits apply to: (1) identifying the properties, and (2) closing on the properties Both properties must be held for productive use in trade or business or for investment |
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