1031 Exchange for Charlottesville - and Albemarle Real Estate
A Section1031 Exchange offers you, as an investment property owner, the opportunity to purchase replacement property and defer the federal and state capital gains taxes due as a result of the transaction. IRS Code Section 1031 requires that you sell your current investment property and purchase a similar (“like kind”) property(s) through a qualified intermediary to take advantage of this tax deferment. There are other, more exotic, investment property tax deferment sections in the tax code, but Section 1031 is the most widely used and understood.
Any real property held for investment or used for business purposes may be exchanged. These include, but are not limited to, rental property, apartments, industrial property, office buildings, and unimproved land held for investment.
The Charlottesville, Virginia real estate market and those of surrounding areas including Albemarle County and Wintergreen Resort offer many opportunities for 1031 Exchange transactions. If you are interested in taking advantage of the 1031 Exchange, we will help you find the right property to fit your financial situation.
Section 1031 Exchange transactions have specific requirements in terms of deadlines and filing the proper paperwork. We have years of experience working with Charlottesville real estate 1031 transactions and we are available to guide you through the process. For more information about investing in real estate in the Charlottesville area and employing a 1031 exchange, please email us or call (434) 296-9860.