“I wrote a book about 1031 exchanges. Becoming an author was a cyberspace accident. I over-shared my knowledge online."
My intention was to be as conversant as possible about Code Section 1031. Property owners like to defer capital gains taxes. As I became more and more expert at executing these transactions, I found myself sharing my acquired wisdom on a real estate lawyers ListServ.I’m a computer geek. It was only natural that I would find myself in ListServ discussion groups and real estate law communities online. Someone posed a challenging 1031 question. I answered it. Soon, there were lots of questions, lots of sharing.CCH, the leading publisher of tax texts, recognized a need. They approached me. I wrote the book. Contact Nancy Grekin here.
A Recognized Expert on 1031 Exchanges
A 1031 exchange is ALMOST a free lunch. But it’s not really free of capital gains taxes. It is a way to defer them.Specifically, a 1031 exchange is a transaction in which a taxpayer owning property held for investment or for use in a trade or business, sells the property and uses the proceeds to acquire replacement property. The tax basis in the relinquished property is carried over to the replacement property.Capital gains deferred!If that property is ever sold and not exchanged the gain existing at the time of sale and any additional gain will be recognized and taxed. If exchanged property is held through the taxpayer’s life the basis is
stepped up to fair market value at death and those gains are never taxed. Want to defer Capital Gains taxes? Contact Nancy Grekin.