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 IRS Gives 'Blessing' to Related Partie
19-06-2006
1031 Tax-Deferred Exchanges have long been the tax-saving choice of real estate investors looking to trade in their old rental or investment property for a new one. Under the 1031 exchange regulation, the IRS will forego their share of the recognized capital gains on the transaction if the investor plays by the IRS' rules. One of the restrictions under this powerful tax code section has always been that the investor's replacement property could not come from a related party. This poses a problem when the most attractive property available just so happens to be owned by someone you happen to be related to.
Well, if you've ever found yourself in this dilemma, the IRS has some good news for you!
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