What is a 1031 Tax Deferred Exchange?

The concept of the exchange is a non-simultaneous transaction. In other words, a sale of property with a reinvestment or acquisition of other property at a later time. When you sell property, whether it is real estate or personal property, (tangible depreciable assets; i.e. airplanes, commercial trucks and equipment, IFQ's, fishing permits or vessels, timber or minerals rights, etc.) you are required to pay taxes on the gain. The Internal Revenue Code Section 1031 allows you to defer the payment of tax and provides you with more funds for reinvestment. Both the property given up and the property received must be held for productive business use, rental, or investment purposes. Properties held for primary residence do not apply.

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