ADIRONDACK COUNTRY HOMES REALTY INC.

 

 

   LAKE PLACID REGION

    518.532.7900

 

  

    Other Adirondack Country Homes Realty Office Locations:         

         Schroon Lake Region (Main Office):  PO 488, 1098 US Route 9, Schroon Lake, NY 12870 * 518.532.7900

         High Peaks Region/Auction Sales:  2918 US Route 9, North Hudson, NY 12855 * 518.532.9323

         Lake George:  2022 State Route 9, Lake George, NY 12845  *  518.668.2677

         North Country Region:  113 Flynn's Line Road, Burke, NY 12917  * 518.483.4538 

         Washington Country Region:  4156 County Route 30, Salem, NY 12865 * 518-584-3294        

         Discover the Adirondacks. Visit our concierge site:  www.inandaroundtheadirondackpark.com

       

 

      

 

 

 

 

 

The Basics About Section 1031:


 

      Section 1031 of the Internal Revenue code provides that no loss or gain can be recognized on the exchange of property held for productive use in a trade or a business, or for an investment.  A 1031 exchange allows a property owner to trade one, or more, properties for one, or more, replacement properties of "like-kind" and defer the payment of federal income taxes and in some state taxes until the property is eventually sold outside of an exchange.

       To meet IRS's specification, the property must be identified within 45 days of the date of transfer of the property being relinquished in the exchange and the exchange must be completed within 180 days.  Transactions must be handled by a qualifying intermediary or QI, and confirm to the strict IRS rules.  A QI is an independent party who facilitates the tax-deferred exchanges.  There are many companies that provide this service.  Below, find the IRS Manual, QI and IRS information links to explore

 

1031 Manual (pdf form, 31 pages, please be patient)

QI Information

 

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