1031 Exchanges Made Easy
✴1031 Exchange
✴Benefits of a 1031 Exchange
✴1031 Exchange Requirement
✴Time Periods
✴Identification Guidelines
✴The Role of 1031 CORP.
✴Tax Consequences of a 1031
✴Same Taxpayer Requirement
✴Exchange Terminology
✴Pennsylvania Advisory
Deferral of State Capital Gain
A 1031 exchange is allowed under section 1031 of the Internal Revenue Code and allows the deferral of FEDERAL gain. Most states also have similar laws that allow a 1031 exchange to defer the state gain or income tax. NOTE THAT PENNSYLVANIA TYPICALLY DOES NOT ALLOW THE DEFERRAL OF STATE INCOME TAX so when selling a property in Pennsylvania regardless of where you live or as a Pennsylvania resident and selling a property in any other state will trigger a Pennsylvania income tax liability. Fortunately, the current income tax rate for individual Pennsylvania taxpayers is 3.07%, low compared to many other states.
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