Quotes About 1031

My capital gains of approximately $40,000 were placed into a 1031 tax-deferred exchange

Section 1031 of the Internal Revenue Code which allows a seller to delay paying taxes on a piece of real estate that is sold for a capital gain through an exchange for a more expensive piece of real estate. Real estate is one investment vehicle that has a great tax advantage. As long as you keep trading up in value, you will not be taxed on the gains until you liquidate.

Money sloshed around via wire, and artworks of dubious provenance moved from collector to collector trailed by 1031 like-kind exchange tax forms, deferring taxes even as the work appreciated, or so Jeff understood, when Fiona explained it.