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.
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I would like to take this opportunity to express my sincere gratitude to the staff of VandeWater & Associates. Although I now live in Virginia, my heart has always been in the Adirondacks. Over the years my wife and I have searched high and low for property in or near the park. Until we came into contact with VandeWater & Associates I had almost given up hope of finding my dream retirement spot. They spent the better part of a cold winter day walking a piece of ground with me, locating property corners and introducing me to my dream. With their help and guidance my wife and I were successful in our quest and are looking forward to a quiet retirement home in the north woods. Thank you VandeWater & Associates!
"Mike Piontka