Author: Anonymous-1349

A successful like-kind exchange of real estate under IRC §1031 IRS Form 8824. Most states follow the federal statute and thus defer the state tax on the gain. An outlier is the Commonwealth of Pennsylvania, which does not recognize finding an exchange company that is well versed in the complexities surrounding 1031 exchanges and the tax law considerations associated with them. As with all matters concerning 1031 exchanges, it is highly advisable to consult with an independent professional regarding the legal and tax consequences associated with any proposed transaction.
To learn more about the considerations for deferral state tax, we offer a free, no obligation consultation with one of our subject matter experts.