More and more people are investing in real estate and have real estate income. Many have real estate expenses that sometimes result in showing a loss for the current tax year. Discuss professional classifications and 1031 exchanges in this one hour course. We’ll also go over 1031 exchange rules.
A 1031 exchange is a swap of properties that are held for business or investment purposes. The properties being exchanged must be considered like-kind in the eyes of the IRS for capital gains taxes to be deferred. However there are many rules taxpayers need to be aware of when utilizing the 1031 exchange.
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