“Andy, you and your firm are awesome. I did not expect that somebody would call me and explain 1031 exchanges in the detail and that is without any charge. I really appreciate your help and guidance. In the future, if I need the service, you will be the first person I will call and I will not hesitate to refer you to any of my friends and family. Thanks once again.”
In a 1031 exchange, foreign real and personal property, when exchanged for foreign real and personal property, qualify for a federal capital gain tax deferral. Real property can be any real property given the nature and character of rights of the exchange properties are essentially alike including likeness of physical properties, character of title conveyed, rights of the parties and duration of interests. Personal property must be exchanged for like-kind or like-class property, such as aircraft for aircraft, gold bullion for gold bullion or oil painting for oil painting. Predominance of use over the prior two years determines the property’s location.