About dunes properties of Charleston

dunes properties of Charleston is a real estate, vacation rental and property management company representing the Lowcountry with almost 80 exclusive Charleston beach vacation rental properties, 70 real estate agents and employees, four full-service offices. Nobody knows the Charleston Coast better.

Isle of Palms Office

1400 Palm Boulevard
Isle of Palms, SC 29451
843.886.5600

Real Estate Inquiries:
realestate@dunesproperties.com
Vacation Rental Inquiries:
vacations@dunesproperties.com


Folly Beach Office

31 Center Street
Folly Beach, SC 29439
843.588.3800

Real Estate Inquiries:
realestate@dunesproperties.com
Vacation Rental Inquiries:
vacations@dunesproperties.com


The Real Estate Studio

214 King Street
Charleston, SC 29401
843.722.5618

Real Estate Inquiries:
realestate@dunesproperties.com
Vacation Rental Inquiries:
vacations@dunesproperties.com


Kiawah Seabrook Office

1887 Andell Bluff Boulevard
Johns Island, SC 29455
843.768.9800

Real Estate Inquiries:
realestate@dunesproperties.com
Vacation Rental Inquiries:
vacations@dunesproperties.com


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Are You Thinking About a 1031 Exchange?

Are You Thinking About a 1031 Exchange?

Section 1031 of the Internal Revenue Code is most often used in connection with the sale of real property.  If you have been in the real estate market looking for a way to invest money and defer taxes, you may have heard about ‘Like-kind exchanges’ or ‘Tax Deferred Exchanges’ as a possible means to accomplish your goals. These are alternate names for what is commonly known as a 1031 Exchange.

United States Internal Revenue Code (26 U.S.C. § 1031)

This is a simple transaction that allows you to exchange properties of like-kind and defer the taxes. The transaction is simple, but understanding the process may not be! What property qualifies? Here are a couple of examples of what does not qualify:

  • 1031(e) livestock of different sexes do not qualify for like kind exchange.
  • 1031(h)(1) real property outside the United States and real property in the United States are not of like kind.

I was surprised about 1031(e) and I’m sure you are.

This might be your 1031 “Like-Kind”.

What is the difference between a second home and a vacation home? What taxes are being deferred? How long are taxes deferred? How does this benefit me? As a buyer, should I consider entering into an identified 1031 Exchange?  Do qualified exchanges have to be simultaneous? If not, how long do I have to complete a qualified exchange?

There are many more questions depending on each circumstance and it is in your best interest to get correct answers to the questions for your circumstances and not depending on an overview to make your decision. Your professional Realtor® will be able to give information, but a Realtor® is only part of the resources you need. Your Realtor® will identify properties for your consideration. Another team member should be a tax attorney and a CPA who are experienced with 1031 Exchanges. They can give answers to how a 1031 Exchange fits into your portfolio, and how a 1031 Exchange fits into your estate.

If you are interested in a 1031 Exchange in on the Charleston Coast, contact Dunes Properties.

2 Comments

  • August 19, 2010 at 3:46 pm · Reply

    I suppose I am in the category that th0ught 1031 exchanges were strictly real estate. Now I am udderly (hahah) amazed that livestock qualifies.

  • Mark Fuchs
    August 19, 2010 at 4:46 pm · Reply

    You are just milking this, aren’t you!

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