Other Adirondack Country Homes Realty Office Locations:                   Greater Glens Falls Region:  462 Glen Street, Glens Falls, NY 12801 *  518.761.7900          Lake Placid Region: 1 Wilmington Rd, Lake Placid, NY 12946 * 518.523.2334          Gore Mountain/Lake George:  295 Main St., North Creek, NY 12853  *  518.251.2194          Lake Champlain Region/Willsboro:  Essex Street, Willsboro, NY * 518.963.8181          High Peaks Region:  Auctions, Route 9, North Hudson, NY  * 518.569.8504          Schroon Lake Region (Main Office):  1098 US Route 9, Schroon Lake, NY * 518.532.7900          Speculator Region:  Route 30, Speculator, NY * 518.548.7900

 

 

 

      Section 1031 of the Internal Revenue code provides that no loss or gain can be recognized on the exchange of property held for productive use in a trade or a business, or for an investment.  A 1031 exchange allows a property owner to trade one, or more, properties for one, or more, replacement properties of "like-kind" and defer the payment of federal income taxes and in some state taxes until the property is eventually sold outside of an exchange.

       To meet IRS's specification, the property must be identified within 45 days of the date of transfer of the property being relinquished in the exchange and the exchange must be completed within 180 days.  Transactions must be handled by a qualifying intermediary or QI, and confirm to the strict IRS rules.  A QI is an independent party who facilitates the tax-deferred exchanges.  There are many companies that provide this service.  Below, find the IRS Manual, QI and IRS information links to explore

1031 Manual (pdf form, 31 pages, please be patient)

QI Information

IRS Info on 1031

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