Tax
Jul. 29, 2019
Exchanging California for out-of-state property creates extra 1031 hurdles
Section 1031 is one of the few tax Code sections everyone seems to know. It is even routinely used as a verb. It says that if a taxpayer exchanges real estate for like-kind real estate, gain on the exchange is deferred until the replacement property is sold.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Section 1031 is one of the few tax Code sections everyone seems to know. It is even routinely used as a verb. It says that if a taxpayer exchanges real estate for like-kind real estate, gain on the exchange is deferred until the replacement property is sold. In 2018 and later, Section 1031 treatment is only available for real estate, so swaps of bitcoin for ethereum, swaps of private aircraft, paintings, or coin collections don't qualify.
Section 1031 re...
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