Danbury, Connecticut, Lawyers for 1031 Tax-Free Exchanges
At the Baker Law Firm, P.C., we are dedicated to protecting our clients' interests. This means keeping them advised of a broad spectrum of methods used to build investment potential and protect wealth — especially during the sale of capital assets.
If you are considering the sale of a capital asset, our Danbury, Connecticut, law firm can help. We have been providing advice in purchase and sale agreements since 1976. Our experience is complemented by our commitment to personal service and is geared toward the unique wants and needs of our clients.
About 1031 Tax-Free Exchanges
When one of our clients' needs is delaying tax liability, a like-kind exchange is a good option. This method is included in Section 1031 of the federal tax code. Generally, Section 1031 states that — if you exchange a piece of business or investment property for another piece of business or investment property of a "like-kind" — you will not immediately pay tax on the gain.
Properties are of a like kind if they are of the same nature or character, even if they are of different quality. The concept applies to real estate, airplanes, boats and other large capital assets. Real properties (real estate) are generally of a like kind, regardless of whether or not the properties have been improved.
Avoid Income Tax on the Sale of Assets. Contact the Baker Law Firm.
If you are considering the sale of a capital asset, your interests are best protected by discussing a 1031 tax-free exchange with an attorney. To speak with a lawyer at the Baker Law Firm, P.C., please call us at 203-885-1344 or complete our online contact form.
