Byline: John Valentine
You rarely ever hear anyone say, "Gee, I sure wish I could pay more taxes than I already do.'' But we are advocating that a certain segment of our clientele - should they choose to participate in 1031 exchanges of real property - be required to do just that.
For those individuals and corporate entities in possession of real properties, excluding primary residences, this new program is a boon. Under Internal Revenue Code Section 1031, "Tax Deferred Exchange,'' one can participate in a real estate exchange and never pay taxes: