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Welcome to 1031 Questions.com
What Is 1031? also referred to as a 1031 Exchange or Like-Kind Exchange, and falls under Section 1031 of the Internal Revenue Code. This tax section deals with property value in sale of business or trades and other like sales. Contact us to get your property exchange prepared & filed by a qualified
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ยง 1031. Exchange of property held for productive use or investment...Read more law >
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Terms & Glossary about 1031
Tax Lien
Definition:
(1) A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid. (2) A federal income tax lien. May attach to all property of the person owing the taxes.
Tax Base
Definition:
Assessed valuation of real property, which is multiplied by the tax rate to determine the amount of tax due.
Tax Levy
Definition:
In terms of property taxes, the total revenue to be generated by the tax.
Operating Expenses
Definition:
The actual cost of operating income - producing property, including utilities and similar day-to-day expenses, taxes, insurance and reserves for the replacement of items that wear out.
Taxes
Definition:
As a part of PITI, the amount of the monthly mortgage payment which does not include the principal, interest, and insurance.
Recapture
Definition:
That portion of the gain from the sale of real estate that is taxed at ordinary income tax rates. Calculated as the difference between the accelerated depreciation taken and the straight-line depreciation that would have been allowed.
| Did You Know ? |
Although not really a technical term, the word "boot" is used frequently in the world of Section 1031.
Boot is another way of saying a property is not "Like-Kind".
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