1031 Exchange - Quick Guide
1031 Exchange, also known as "like Kind Exchange". So you are selling your investment property and getting a lot of profit.
It has to go to a 1031 Exchange Attorneys escrow account. And then within a time limit, you buy a like-kind property with that same money. So you do not spend that money.
If you take the money out, you have to pay taxes. So this is great for someone willing to build a portfolio of real estate for long-term deferring the taxes so you don't have to pay your capital gain taxes right now and you can defer the taxes. But again, you gotta put the money in the Attorney's escrow account within a time limit. You got to use that money to buy your future investment.
For details, we have our 1031 Exchange attorney who would be happy to discuss with you.