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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 Compare Intermediaries 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

    • Ad Valorem Taxes
    • Facilitators
    • Business Property
    • Like-Kind Exchanges
    • Indirect Costs


    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

Tax Levy

Definition:
In terms of property taxes, the total revenue to be generated by the tax.

Tax Base

Definition:
Assessed valuation of real property, which is multiplied by the tax rate to determine the amount of tax due.

Carrying Charges

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

Tax Roll

Definition:
A list containing the descriptions of all parcels in the county, the names of the owners (or those receiving the tax bill), assessed values and tax amounts.

Assessor

Definition:
A government official who is responsible for determining the value of a property for the purpose of taxation.

Non-Conforming Loan

Definition:
A loan that does not conform to Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. Jumbo loans are nonconforming.

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 Compare Intermediaries & 1031 issues? Then click here to contact us.