1031 Exchange Starker Chicago Illinois

Chicago Small Business Accountant

Updated July 28, 2015
 
1031 Exchange Starker Chicago Illinois
 

A 1031, Starker, Like-Kind, or Tax Free Exchange is all the same concept under the Internal Revenue Service Code. Very basically its a trade of real property where the capital gain is deferred.

Example:

Let’s say you have a factory building where your basis, you initially paid $300,000 for it. You’re selling the property for $1,000,000. If you trade the difference, or roughly $700,000 into another piece of real property in an acceptable period of time, then you will not have to pay capital gains taxes. You are postponing the gain in the trade, and the money isn’t going to you. When you ultimately sell the property without a trade, the gain will be taxed using the original basis.

 
If you are having problems with your 1031 Exchange Starker Chicago Illinois or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at
 
Chris@AccountingSolutionsltd.com
 
Additional Accounting Articles and information on my firm can be found at
 
www.AccountingSolutionsLtd.com
 
Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.

Chris Amundson is President of Accounting Solutions Ltd. located in Chicago, Illinois

Chicago Accounting Firm & Tax Solutions for Small Businesses

Last updated on September 18, 2015
Bookmark the permalink.