Business Services Industry
IRS Allows Tax Deferral on Sale of Investment. (Originated from Tulsa World, Okla.)
Knight Ridder/Tribune Business News, January, 1994 by Dees, Cynthia
Jan. 23--Broker Mike Parrish has some important advice for real estate investors: Don't pay capital gains taxes. "There is absolutely no reason for the seller of commercial real estate - who wants to reinvest in real estate - to pay taxes on the sale. All you have to do is follow the tax rules and properly document the transaction to defer the tax," says Parrish, who operates Parrish Company Realtors.
Section 1031 of the Internal Revenue Service Code is a complex regulation that, in simple terms, lets a seller take the capital gains from the sale of commercial real estate and apply it toward the purchase of another investment property, deferring taxes on the capital gains.
You can think of it in the way home-owners defer capital gains when they sell a home...
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