1031 Exchange
Are you interested in keeping all your gain on an investment property and buying a second home with the proceeds? It can be done with a 1031 Tax deferred exchange. As a general rule, the property being sold must be vacant land or an investment property generating rental income and the property you replace it with should also be available to rent, or be more vacant land.
There are specific guidelines and definite time frames to which you must adhere, but it is a relatively painless way to keep from sending Uncle Sam a good part of your gain. Contact Joanne Hanson’s Mountain Living Team for further information and referrals to companies that can handle the exchange for you.
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