Martin Burns is the owner of both Burns Law, PLLC and Burns 1031 Tax Deferred Exchange Services, LLC. Both businesses complement each other as real estate professionals and their clients seek both legal services and exchange services. Some exchangers need legal services that are ancillary to their exchanges. The ability to handle these issues in tandem provides speed, value, and knowledge that accrue to the benefit of all involved. We have handled many difficult and complicated transactions. Call to see if we can help you out.
By utilizing the provisions of the Internal Revenue Code Section 1031, a seller of commercial or investment property may defer the imposition of capital gains taxes. The seller can opt to perform a deferred exchange that involves selling the property with the involvement of a qualified intermediary, such as Burns 1031 Exchange. The seller then has up to 180 days to purchase replacement property. Properly performed, the capital gains tax will be deferred. Call us today to set up an appointment and we will help you decide if a 1031 exchange will work for you!
1031 exchanges relate to like-kind exchange which ordinarily is real estate to real estate.
1031 exchanges are for investments or commercial use property sales and purchases.
1031 exchanges can defer all capital gains until subsequent sale.
All tax may be avoided if real estate is included in estate planning.
Properties do not have to be "swapped;" an exchanger can sell one property to one person and buy from a completely different person within 180 days of the sale.
A person can buy first and sell later when properly structured.