What Is A 1031 Exchange?

Dr Friday Tax Tips - One Minute Moment
Dr. Friday Tax Tips
What Is A 1031 Exchange?

Dr. Friday 0:00
Good day. I’m Dr. Friday president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.

Dr. Friday 0:12
One of my favorite tax rulings is a 1031 exchange. That would be as if you have a rental property and let’s say maybe you live in Utah and you move to Tennessee and so you decide to sell that one and you want to have another rental property here in Tennessee. You might want to sell the one in there and exchange it so that there’s no tax consequence to you at this time. You can do this on farmland, commercial, any kind of rental or investment properties. This is a great way to continuously grow your money. Think of it like a 401k where you keep tax dollars in your real estate. If you need help, go to drfriday.com.

Announcer 0:52
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