Just like any profession, real estate investing requires you pay taxes on the profits you make. With proper guidance and planning 1031 Like Kind Exchanges can be a really great way for real property investors of real property to defer tax payments on any transaction gains. Which of course allows you to opportunity to reinvest the total amount in a new property that meets “like kind” requirements.
While the term may seem straightforward, it can actually be a bit ambiguous. This is particularly true when you consider tax laws often change, requiring that knew specifications are met in order to qualify.
Avoid Common 1031 Exchange Pitfalls with Experienced Legal Teams
As mentioned previously, proper guidance and planning are a major factor in the successful completion of a 1031 Like Kind Exchange. Professionals like David J. Franks for example, work with their clients to effectively execute real property transaction processes like 1031 Like Kind Exchange in Davenport, IA. This type of legal assistance is a financial boon for investors as they are less likely to incur penalties or be held liable for taxes and interest. While there are certainly some scammers in the world, there are also people who are simply too inexperienced to know what actually qualifies as a Like Kind Exchange. While they may be well meaning its always best to safeguard your financial health with legal experts who know what they are doing.
Like Kind Exchange Attorneys Help You Reach Financial Goals
By enlisting the help of a 1031 Exchanges Attorney you are better equipped to handle any issues that may arise. Being that Like Kind Exchanges are a time sensitive process it is important to make sure you have all your ducks in a row, so to speak. Law firms like Franks & Roeder can help you develop an effective transaction strategy, making it more likely for you to achieve your financial goals. Contact their offices for more information about how they can help assist you with IRC Section 1031 Like-Kind Exchanges.
Like us on Facebook for more information.
