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CATHY MOONEY, CRS, GRI
Cathy Mooney CRS, GRI
Phone (801) 486-9200 Fax (801) 303-6654 Cathy Mooney Real Estate 1321 East Ubandale Lane Salt Lake City, UT 84106 |
Selling Salt Lake County
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!
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