WHAT IS A 1031

Section 1031 of the Internal Revenue Code provides that no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business, or for investment. A tax deferred exchange is a method by which a property owner trades one or more relinquished properties for one or more replacement properties of like-kind, while deferring the payment of federal income taxes and some state taxes on the transaction.

Top

"My husband and I live in Quakertown PA about a 5 hour drive to Glenfield NY. We both love the area and vacation in the Adirondacks often. We decided to purchase a small cabin up off the Otter Creek Horse Trail System. We reached out to Marilyn Patterson from Vandewater & Associates located in Lyons Falls NY. Knowing we would be traveling a good distance she made sure we had a significant amount of properties to look at while we were there for the weekend. Out of 3 lots and 5 homes she took us to where we found our cabin that same day and we couldn't be happier. She coordinated everything with the seller and even found us a NY based lender. We highly recommend Vandewater & Marilyn
Tom & Angel Buschmeier
January 2020"

Tom & Angel Buschmeier