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Myths about 1031 exchange by a Ranch Advisor in Wyoming

Many people are eager to exchange their property to escape the taxes, but the information they have about 1031 exchange is very limited. Here we have highlighted some misconceptions clarified by a Ranch Advisor in Wyoming. Letu2019s have a look!<br>http://www.solidrockproperty.com/

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Myths about 1031 exchange by a Ranch Advisor in Wyoming

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  1. Myths about 1031 exchange by a Ranch Advisor in Wyoming

  2. Many people are eager to exchange their property to escape the taxes, but the information they have about 1031 exchange is very limited. Here we have highlighted some misconceptions clarified by a Ranch Advisor in Wyoming. Let’s have a look!

  3. Myth 1: It is mandatory to keep the replacement property for years as a rental. Reality: Keeping property properly for two years while meeting the criterion of the Revenue Procedure will make you eligible for Safe Harbor, but keeping your property for two years is not necessary.

  4. Myth 2: You can only exchange the commercial properties Reality: IRS has put no restrictions over the exchange of other rental or business property.

  5. Myth 3: Taxability depends on the cash earned by property sale Reality: Cash acquired on selling a property is in no way related to the taxable amount generated by the property sale.

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