For more information regarding how we can support your personal or business needs, please contact us at:
Defer paying taxes on the sale of your current property
Do you have a business use or investment property? Are you considering selling the property and buying a bigger or better property? You could have significantly more resources available for the purchase of your new property if you deferred paying taxes on the sale of your current property.
Owners of a business or investment property who are considering selling that property may be able to benefit from a 1031 exchange, which can reduce or delay taxes on the sale of the property. Also known as a like-kind exchange, this opportunity applies to transactions where the sale of one property is being conducted for the purpose of purchasing another similar, larger or better property to essentially replace the one being sold.
Section 1031 of the Internal Revenue Code creates a very attractive business opportunity and can provide great benefits if the transaction is structured properly. While the tax isn’t eliminated, it can be deferred until sometime in the future. Maillie LLP professionals have extensive experience in this area and are ready to work with you to structure a transaction that meets code requirements and maximizes the tax benefits.