A 1031 exchange, also called like-kind exchange, or tax deferred exchange, was first authorized in 1921 when Congress recognized the importance of encouraging reinvestment into business assets. Today, companies use 1031 like-kind exchanges to increase cash flow by deferring taxes on gains recognized through the sale of business assets, as long as they reinvest those gains in replacement assets.
Like-kind exchanges are commonly used in real estate transactions, but what many business professionals are unaware of is that they can also apply this exchange to other assets. Some examples of these assets may include, but are not limited to, heavy equipment, agricultural equipment, collectibles, trucking fleets and more.
With the help of DRI's trained professionals, a 1031 exchange can be made simple. Whether you are selling a home, a business asset or many assets, we have the on sight staff ready to handle your next 1031 transaction.
Click here to contact one of our 1031 professionals today.