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Section 1031 Exchange and Your Primary Residence: How They Can Work Together
When it comes to a 1031 exchange, your primary residence is generally excluded. According to the rules of Section 1031 of the Internal Revenue Code (IRC), property used for personal purposes, like a primary residence, doesn’t qualify for tax deferral. The law only applies to properties that are “held for
Biden’s Proposed Budget on 1031 Exchanges
Analyzing the Impact of Biden’s Proposed Budget on 1031 Exchanges The release of President Biden’s FY 2025 Budget, outlined by the US Department of Treasury in what is colloquially known as the “Green Book,” suggests implementing strict limitations on IRC Section 1031. This section currently allows for the deferral of
What Constitutes “Like-Kind” in a 1031 Exchange?
The requirement for tax-deferred exchanges of property has always stated that the Replacement Property acquired must be of a “like-kind” to the property sold, known as the Relinquished Property. This principle has been in effect since the addition of IRC Section 1031 to the tax code in 1921. The basis