Consider a 1031 Exchange to invest in real estate
The term 1031 Exchange is defined under section 1031 of the IRS Code. This strategy allows an investor to “defer” paying capital gains taxes on an investment property when it is sold, as long another “like-kind property” is purchased with the profit gained by the sale of the first property and the funds are temporarily held by a Qualified Exchange Intermediary .
To receive the full benefit of a 1031 exchange, your replacement property should be of equal or greater value. You must identify a replacement property for the assets sold within 45 days and then conclude the exchange within 180 days. Property that you hold primarily for personal use CANNOT be utilized in a 1031 exchange.
Please call me for details and a list of 1031X Qualified Intermediaries in our area. I can help you search for suitable investment properties, too.