1031 Exchange Group.com: Terms For 1031 Exchange & Selling Property Help

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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 Selling Property professional. Need Help with 1031 issues ? Then contact us now >

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§ 1031. Exchange of property held for productive use or investment...Read more law >

Related Hot Topics

Tenant In Common
Facilitators
Capital Gains
Compare Intermediaries
Identifying the Replacement Property

1031 Exchanges include many different types of real estate.

1031 Exchanges don't just apply to homes. 1031 exchanges can also include commercial and rental real estate, as well as vacant land.

1031 Related News

Treasury And IRS Announce Guidance On Like-Kind Home Exchanges
In the case of business property, a property owner generally would not recognize gain upon the exchange of the business property for replacement property of a like kind.

Funds Used During Exchanges of Like-Kind Property
The Internal Revenue Code (Code) allows taxpayers to engage in like-kind exchanges of business property under section 1031.

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Terms about 1031

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.

Tax Savings

Definition:
The deduction a taxpayer can take on their tax form for interest paid on a home mortgage. The amount of money that the homeowner is not required to pay the government in taxes because he or she owns a home.

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Terms & Glossary about 1031

Carrying Charges

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

Property Tax

Definition:
The amount which the state and/or locality assesses as a tax on a piece of property.

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.

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.

Curtailments

Definition:
The borrower's privilege to make payments on a loan's principal before they are due. Paying off a mortgage before it is due may incur a penalty if so specified in the mortgage's prepayment clause.

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 ?
1031 Exchanges include many different types of real estate. 1031 Exchanges don't just apply to homes. 1031 exchanges can also include commercial and rental real estate, as well as vacant land.

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