Selling Salt Lake Valley
1031 Exchanges and Tenants-in-Common (TIC)
A 1031 tax-deferred exchange is a method of selling one property and acquiring another without paying capital gains tax. In the year 2002, the IRS began allowing an innovative new ownership opportunity, known as Tenants-In-Common, for individuals involved in a 1031 Exchange.
Tenants-In-Common or TIC ownership allows multiple buyers to purchase an undivided percentage of a single piece of property. Each co-owner receives his own deed to the property and benefits from ALL of the income, tax shelters and appreciation. Purchasing a TIC has become an excellent replacement property option for 1031 exchangers.
An individual can sell any type of investment property and defer all of the capital gains taxes through a 1031 Exchange by reinvesting in a TIC. Ask me for more information!
