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What Is 1031? also referred to as a 1031 Exchange or Like-Kind Exchange, and falls under Section 1031 of the Internal Revenue Code. This tax section deals with property value in sale of business or trades and other like sales. Contact us to get your property exchange prepared & filed by a qualified Starker Exchanges professional. Need Help with 1031 issues ? Then contact us now >
 
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ยง 1031. Exchange of property held for productive use or investment...Read more law >

Related Hot Topics

    • Land Exchange
    • Ad Valorem Taxes
    • Starker Exchanges
    • Real Property
    • Real Property


    If you plan on utilizing Section 1031, you may do so with more than one property.

    You can do so with up to three properties at once.

Terms & Glossary about 1031

Taxes

Definition:
As a part of PITI, the amount of the monthly mortgage payment which does not include the principal, interest, and insurance.

Tax Lien

Definition:
(1) A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid. (2) A federal income tax lien. May attach to all property of the person owing the taxes.

Recapture

Definition:
That portion of the gain from the sale of real estate that is taxed at ordinary income tax rates. Calculated as the difference between the accelerated depreciation taken and the straight-line depreciation that would have been allowed.

Carrying Charges

Definition:
Various costs that are incidental to ownership (e.g., taxes insurance costs and maintenance expenses).

Depreciation

Definition:
Decrease in the usefulness, and therefore value, of real property improvements or other assets caused by deterioration or obsolescence. (2) A loss in value as an accounting procedure to use as a deduction for income tax purposes.

Negative Amortization

Definition:
A situation in which a borrower is paying less interest than what is actually being charged for a mortgage loan. The unpaid interest is added to the loan's principal. The borrower may end up owing more than the original amount of the mortgage.

Did You Know ?
If you plan on utilizing Section 1031, you may do so with more than one property.

You can do so with up to three properties at once.

Need to get more information about Starker Exchanges & 1031 issues? Then click here to contact us.