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Can someone please explain IRS 1031 failed exchange in Lehman s terms?
A 1031 exchange is when one swaps one asset for a similar asset and defers the taxation of the built-in capital gains to the new property. When this fails, then one has to pay taxes upon the exchange as if they sold the asset, took the cash, then bought a new asset. Example: I bought property for $100,000. I swapped it for a…

similar property 5 years later when they were both worth $150,000. If 1031 is in effect, the $50,000 I ‘made’ on my property is not taxed just yet. If 1031 fails, I have to pay tax on the $50,000 of gain now.


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