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Real estate markets are strong and values are increasing. So, now may be a good time to adjust your real estate portfolio. When you do, the deferred tax treatment afforded like-kind exchanges may keep taxes from putting a dent in your wealth. Section 1031 of the Internal Revenue Code provides special tax treatment for the exchange of investment property for property of like-kind. Fortunately, for taxpayers, “like-kind” is very broad and can include virtually any type of real estate that is held for investment for any other real estate so held.
There are, however, very particular requirements that must be met. So, consultation with your like-kind accommodation or counsel should be commenced prior to entering into a contract to sell your property.
Pace – Pace@ClearTitle.info (850) 994-3838
Pensacola – Pensacola@ClearTitle.info (850) 361-4029
Pine Forest – PineForest@ClearTitle.info (850) 202-8518
Clear Title is a real estate closing company founded and owned by a Board-Certified Real Estate Attorney with more than 30 years of experience in the Pensacola area real estate market. Many of its closers and other professional staff members have been handling real estate closings for more than 20 years, and as a result, Clear Title offers well over a century of closing experience. There are three offices in Escambia and Santa Rosa Counties: Pace, Pensacola, and Pine Forest. Clear Title was recently named Best Title Company in Pensacola 2019 by VIP Magazine Pensacola.
2107 W. Nine Mile Road Suite 3
Pensacola, FL 32534