If you have real estate used for business or investment, you may exchange that property for another of “like kind” without recognizing a gain or loss under the tax codes. IRS Code Section 1031 provides for the exchange. There must be a “qualified intermediary” between the exchangers, a role that we are happy to perform at the Adams Law Firm. Please give us a call, if you are interested in learning more about this transaction.
Find more information at the IRS website: http://www.irs.gov/businesses/small/industries/article/0,,id=98491,00.html