Simplifying your life can help you truly enjoy the second half of your life. Imagine freedom through downsizing with a plan that creates a happier and healthier life balance.
Upside of Downsizing helps you gain that freedom. Yes, there IS an upside to downsizing!
Downsizing Can Decrease:
Financial Responsibilities
Emotional and Physical Fatigue
Time Commitments
Loneliness and Isolation
WHAT IS A 1031 EXCHANGE?
A 1031 exchange is a swap of one investment property for another that allows capital gains taxes to be deferred. The term, which gets its name from IRS code Section 1031, is bandied about by realtors, title companies, investors, and soccer moms. Some people even insist on making it into a verb, as in: “Let’s 1031 that building for another.”
KEY TAKEAWAYS
A 1031 exchange is a swap of properties that are held for business or investment purposes.
The properties being exchanged must be considered like-kind in the eyes of the IRS for capital gains taxes to be deferred.
If used correctly, there is no limit on how many times or how frequently you can do 1031 exchanges.
The rules can apply to a former primary residence under very specific conditions.
