MINIMIZE TAX CONSEQUENCES WITH A 1031 EXCHANGE IN NEW JERSEY
A 1031 Exchange is named after Section 1031 of the U.S. Internal Revenue Code. This tax law allows an owner of real property to avoid paying capital gains taxes when they sell the property and then reinvest the proceeds from the sale into another property or properties of similar value. The Law Offices of Kim Gill helps savvy investors use this tax law to defer capital gains and minimize their tax burden.
While 1031 Exchanges can provide great tax benefits, there are very complex rules surrounding these transactions. The IRS limits their use with vacation properties. There are also special rules aboutthe depreciated property. Additionally, the exchange must be made with like-kind property and certain timeframes must be honored to take full advantage of the tax advantages.
The lawyers at The Law Offices of Kim Gill are well-versed in the rules about 1031 Exchanges. We will examine your situation and determine if you may be able to make a 1031 Exchange to defer capital gains. While 1031 exchanges are more common for investment properties, they can potentially be used for primary residences. Our team will work diligently to help you minimize your tax burden or eliminate it through the use of a 1031 Exchange.
If you are considering a 1031 Exchange and would like more information, contact The Law Offices of Kim Gill at 856-216-8200 to speak to a knowledgeable member of our team.