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Investors & landlords
Yes, you definitely want to make sure that you are able to input the correct information for a 1031 Exchange and not risk losing the benefits!
As I think you know, one big benefit of a 1031 exchange is that it resets the depreciation clock. You'll be able to buy a new property and take advantage of depreciation to offset your income. This can really add up if you're selling a property that you've held for more than two decades. If you sell an investment property for more than its depreciated value, you will probably have to recapture the depreciation.
This normally results in the amount of depreciation included in your taxable income. A 1031 exchange avoids taxes on this amount that may exceed the official capital gains.
Here is a really good resource for 1031 Exchanges! I hope you find it useful and interesting!
1031 Exchange Rules: How To Do A 1031 Exchange In 2021?