Despite the tight real estate market and historically low inventories many Long Islanders do find themselves owning property besides their primary home. Sometimes this is due to a dedicated plan to invest in real estate, other times as an adjunct to a business and still other times as a result of an inheritance.
However, when these properties are eventually sold those owners can face the prospect of a significant capital gains tax liability. In many cases this can be exacerbated by certain common tax treatments owners typically take advantage of during the course of their ownership.
This is where a 1031 exchange comes in. Utilizing a 1031 exchange can allow a property owner to defer the capital gains liability.
Join Long Island Real Estate attorney Joseph Beige and his guest Todd Pajonas of Legal 1031 Exchange Services, LLC as they discuss 1031 exchanges, what they are and how they can help Long Island property owners.