Thanks to US News & World Report for talking with our own Phil Mitchell about the ins and outs of a 1031 exchange for investment properties.
“The key is you must roll over the market value of the property or higher and the debt level as well,” says Phillip Mitchell, CPA, president of Kroon & Mitchell in Grand Rapids, Michigan, and a member of the AICPA personal financial planning executive committee. “If those two components aren’t met, there will be a capital gain.” You may still be able to defer part of the capital gain if you buy a new property of lesser value.
Read the full article HERE.
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