About: Drew McCabe

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The 6 Rules of 1031 Exchanges

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Introduction To The Six Rules of 1031 Exchanges: Section 1031 Exchanges are invaluable wealth-building tools recognized by the IRS to defer capital gains taxes you might incur upon the sale of property.  They serve a valuable purpose in wealth-building by managing tax considerations as you grow your financial estate. But, 1031 Exchanges are carefully-controlled to avoid.
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First, the bad news, personal property 1031 Exchanges are, now, not allowed.  If you started your personal property 1031 Exchange prior to January 1, 2018, you can still finish it.  But, moving forward, personal property can no longer receive 1031 Exchange treatment.  This mostly affects fleet exchanges (i.e. semi-trucks and rental cars), antique dealers, airplane.
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