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Property used predominantly in the US is eligible as replacement for property held in the US, while property located outside the US is eligible for 1031 consideration with property held internationally.
There are still many factors that are being put into the Build Back Better plan by the Biden Administration. One of the proposed changes by the Democrats with the 1031 exchange revision. As of the writing of this article, (1-4-2022) there has been no change to the 1031 exchange rules in 2022.
Pennsylvania will permit the tax deferral benefit of 1031 like-kind exchanges for the first time starting in the 2023 tax year.
2021 Texas 1031 Exchange Guide The IRS allows Texas investors to sell rental properties, business properties, and land that was purchased for investment purposes and defer all capital gains taxes via IRC Section 1031.
Internal Revenue Code Section 1031 for tax-deferred exchanges is a federal tax code, so technically its recognized in all 50 states.
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A 1031 exchange gets its name from Section 1031 of the U.S. Internal Revenue Code, which allows you to avoid paying capital gains taxes when you sell an investment property and reinvest the proceeds from the sale within certain time limits in a property or properties of like kind and equal or greater value.
Section 1031 is a federal tax code, so it is recognized in all states, so you can exchange from state to state.
PA has long been one of the few states that does not recognize 1031 exchanges or have a similar provision to allow the deferral of state income tax on the exchange of assets held for business use or investment. As you know, a 1031 exchange is a strategy allowed under Internal Revenue Code Section 1031.
Pennsylvania will permit the tax deferral benefit of 1031 like-kind exchanges for the first time starting in the 2023 tax year.
Internal Revenue Code Section 1031 for tax-deferred exchanges is a federal tax code, so technically its recognized in all 50 states.