A 1031 exchange, also known as a like-kind exchange or a tax-deferred exchange, is a provision in the United States Internal Revenue Code that allows a real estate investor to defer paying capital gains taxes when selling a property and using the proceeds to purchase another "like-kind" property. The term "like-kind" does not refer to the properties being exactly the same in terms of type, but rather to properties that are of the same nature or character.
A 1031 Exchange allows you to defer paying capital gains taxes when you sell an investment or business-use property, as long as you reinvest the proceeds into another qualifying like-kind property. By deferring those taxes, you keep more equity working for you, allowing you to purchase a higher-value replacement property or improve your overall investment position.
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