A 1031 exchange allows investors to defer their capital gains tax when selling a commercial property. This type of exchange is beneficial because it prevents the investor from having to pay the hefty taxes associated with selling a property and allows them to reinvest in another property without taking a huge financial hit. To do this, an intermediary must be used that can hold the proceeds for the sale until the new purchase is made. It's important for investors to understand all of the rules and regulations surrounding 1031 exchanges so that they can take full advantage of this great opportunity. That said, if done correctly, using a 1031 exchange can be an invaluable tool for real estate investors looking to grow their portfolios without getting bogged down by hefty taxes!
Interested in deferring your taxes when you sell an investment property? Call Realtor David Locke with Locke and Key Associates serving Anderson, Greenville, Seneca and Clemson, South Carolina. David’s family has owned, managed and sold commercial properties in South Carolina since 1951. Contact him today for a free consultation to see if a 1031 exchange might work for your needs at (864) 940-0575.
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