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What are Section 1031 Like-Kind Exchanges?

If you sell a piece of investment property, you will often be required to pay tax on it, as well. In situations in which a person then uses these gains to buy another piece of investment property, that person will likely be taxed a second time. Section 1031 of the tax code offers an investor the option to only pay taxes once on certain types of investment properties. Because Section 1031 can be particularly advantageous for investors, it is important for investors to understand how this section [...]