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When a property is sold or transferred and a seller makes money on the transaction, the Internal Revenue Code imposes taxes on the person who made a gain. But according to Section 1031 of the tax code, if you follow strict guidelines, all or some of those gains can be deferred or reinvested into a new replacement property.
These deferred gains, as well as the gains from the new property, aren’t taxed until the new property is transferred and fails to qualify for tax deferral.
LandAmerica established its 1031 Exchange Services Division in 1990 solely to facilitate tax-deferred exchanges. Our offices that specialize in 1031 Exchange Services have each passed a LandAmerica certification standard.
For more detailed information, please call Steve Stokes at (619) 686-6000 or contact us through this website.
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