1031 Tax Free Exchange

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New York 1031 Tax Free Exchange Attorney

New York real estate investments are opportunities to make financial moves and gains. A 1031 tax free exchange is a tax deferral strategy available to taxpayers. A 1031 exchange is a mechanism to defer income taxes on the sale of a property if the intention is to reinvest the profit in a similar property. Real estate lawyer Louis Lepore will work with you to discuss the advantages and disadvantages of this tax deferral. Louis Lepore, an associate of Menicucci Villa & Associates PLLC, also works closely with clients to clear up any misconceptions about a 1031 exchange. A common misconception is that 1031 is tax avoidance, but this is not the case.

If you have questions about 1031 tax free exchange in relation to a real estate investment, contact 1031 tax free exchange attorney Louis Lepore an associate of Menicucci Villa & Associates PLLC. Call 718-667-9090.

Read more about 1031 tax free exchange.

What Kind of Property Qualifies?

The relinquished property needs to be qualifying property. This includes property or equipment that is held for investment or used in your business. Office facilities and equipment used for business purposes qualify. The key is that real estate property and equipment needs to be replaced with like-kind real estate. Property that does not qualify includes:

• A personal residence
• Land being developed
• Corporation common stock
• Property purchased or held for resale
• Construction or fix/flips for resale
• Inventory property
• Partnership interests
• Notes and bonds

The title must be the same on the replacement property as it is on the relinquished property.

Louis Lepore, an associate of Menicucci Villa & Associates PLLC, worked for over 10 years at the New York State Department of Tax and Finance. He understands the complexities of tax issues and strives to provide clients with accessible information to make appropriate decisions.

Contact Staten Island 1031 tax free exchange attorney Louis Lepore to learn more about your options regarding tax deferral on real estate investments.

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