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Rankin Commercial Properties

1031 Exchanges

Rankin Commercial Properties (RCP) offers 1031 Exchange Services for both Commercial and Residential Investment Properties.

A 1031 exchange, otherwise known as a tax deferred exchange is a simple strategy and method for selling one property, that's qualified, and then proceeding with an acquisition of another property (also qualified) within a specific time frame. The logistics and process of selling a property and then buying another property are practically identical to any standardized sale and buying situation, a "1031 exchange" is unique because the entire transaction is treated as an exchange and not just as a simple sale. It is this difference between "exchanging" and not simply buying and selling which, in the end, allows the taxpayer(s) to qualify for a deferred gain treatment. So to say it in simple terms, sales are taxable with the IRS and 1031 exchanges are not.

Due to the fact that exchanging, a property, represents an IRS-recognized approach to the deferral of capital gain taxes, it is very important for you to understand the components involved and the actual intent underlying such a tax deferred transaction. It is within the Section 1031 of the Internal Revenue Code that we can find the appropriate tax code necessary for a successful exchange. The specific interpretation of the IRS and the generally accepted standards of practice, rules and compliance for completing a successful qualifying transaction is found within the Like-Kind Exchange Regulations, issued by the US Department of the Treasury. The Regulations are not just the law, but a reflection of the interpretation of the (Section 1031) by the IRS.