Considering a Tax Deferred "1031 Exchange?"
A 1031 exchange, otherwise known as a tax deferred exchange is a simple strategy and method for selling one property, that's qualified, and then proceeding with an acquisition of another property (also qualified) within a specific time frame.
The logistics and process of selling a property and then buying another property are practically identical to any standardized sale and buying situation, a "1031 exchange" is unique because the entire transaction is treated as an exchange and not just as a simple sale. It is this difference between "exchanging" and not simply buying and selling which, in the end, allows the taxpayer(s) to qualify for a deferred gain treatment.
So to say it in simple terms, sales are taxable with the IRS and 1031 exchanges are not.
I would be happy to refer you to a 1031 exchange specialist if you would like to explore the profit keeping possibilities of this program.