Do You Have A Business Or Investment Property To Sell?
Property sales in Florida can be difficult to successfully navigate on your own without the help of an attorney well-versed in the nuances of real estate transactions. At Klein & Fortune, PA, our attorneys have extensive experience in real estate matters and 1031 exchanges of real estate. Our knowledge can alleviate the stress of conducting the sale of your investment property and help you defer paying taxes on the capital gain of the sale.
The Internal Revenue Service (IRS) charges capital gains taxes on sales of investment real estate; however, under Internal Revenue Code (IRC) 1031, a “like-kind” exchange, you may take the proceeds from the sale of one property and use the funds toward the purchase of another property to defer paying capital gains taxes.
The postponement of paying taxes on the capital gain applies when you reinvest the proceeds of the sale of your property into a similarly priced or higher priced property that qualifies for the exchange. There are time limits and restrictions that make doing this type of like-kind property exchange when you sell your property complex. At Klein & Fortune, PA, our attorneys are ready to help you with your 1031 exchange. Call our firm in Hollywood at 954-228-4285 for a free consultation today.
Who Qualifies For An IRC 1031 Exchange?
At Klein & Fortune, PA, we have extensive knowledge and skill with these types of tax-deferred exchanges in Florida. Individuals and entities qualifying for an IRC 1031 exchange include:
- Owners of investment property
- Owners of business property
- S- or C-corporations
- General or limited partnerships
- Limited liability companies
Our firm provides assistance to clients statewide for 1031 exchange transactions.
Contact Our Firm Before You Begin Your 1031 Exchange Process
Capital gain tax savings that come with 1031 exchanges are complicated real estate transactions. If you are considering selling your investment property, give our lawyers a call to discuss the intricacies of the timelines and restrictions.