US News & World Report Features Phil Mitchell in their Guide to 1031 Exchanges

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.

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“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.

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Read the full article HERE.


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