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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.
When President Joe Biden presented his administrations proposed budget for fiscal year 2023, he again included a new tax rule that would essentially eliminate 1031 exchanges, or like-kind exchanges, which are widely used to lower taxes for those buying and selling commercial real estate.
The answer is yes, it is possible to trade into property located in another state. Under Internal Revenue Code Section 1031, real estate located in one U.S. state is like kind to real estate located in any other state, and you can trade from one state to another.
Did you know that you can defer capital gains taxes after swapping one investment for another in North Carolina? Thats right! Section 1031 of the Internal Revenue Service (IRS) makes that possible. Before making an exchange, however, you must familiarize yourself with all the requirements of the 1031 rules.
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.
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People also ask

While a like-kind exchange does not have to be a simultaneous swap of properties, you must meet two time limits or the entire gain will be taxable.
Tom: The short answer is yes. Section 1031 is a federal tax code, so it is recognized in all states, so you can exchange from state to state.
Internal Revenue Code Section 1031 for tax-deferred exchanges is a federal tax code, so technically its recognized in all 50 states.
If during the current tax year you transferred property to another party in a like-kind exchange, you must file Form 8824 with your tax return for that year. Also file Form 8824 for the 2 years following the year of a related party exchange.
Nontaxable Exchanges - A nontaxable exchange is an exchange in which any gain is not taxed and any loss can not be deducted. If you receive property in a nontaxable exchange, its basis is usually the same as the basis of the property you exchanged.

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