A 1031 Exchange Can Benefit Business Owners
Sometimes, tax sticker shock can hit a real estate investor, especially after he or she has sold off an investment such as rental property or commercial real estate. It’s a tax hit that could have been avoided with some planning.
Planning is what is required to accomplish a tax-saving option known as a 1031 exchange. A 1031 follows strict rules in order for an investor to make a tax-free exchange. It can be complicated but is doable as long as you have a skilled, knowledgeable and seasoned attorney working with you.
Driggers, Schultz & Herbst of Troy, Michigan, has the legal know-how to help you save on taxes. With a 1031 exchange, the IRS will allow you to defer taxes on capital gains from properties. We are in the business to help business owners and investors with short- and long-term goals, including tax savings.
We Are A Qualified, Knowledgeable Law Firm
A 1031 exchange allows you to “trade” one investment property for another. This strategic investment move lets you postpone the capital gains from the sale of an investment or business property through a “like-kind” exchange. For example, you may swap an apartment building for commercial real estate. Our lawyers at Driggers, Schultz & Herbst can guide you through this process by setting up the exchange.
We can let you know when it makes sense to seek a 1031 exchange and explain why you should consider doing so. But remember, you need a trusted legal adviser who can help with the detailed planning. We are a customer-focused, detail-oriented law firm that has assisted a number of small- and large-business owners as well as investors.
Contact Us Now
When you need solid tax advice from a trusted and experienced law firm, we can be of assistance. Driggers, Schultz & Herbst of Troy, Michigan, is a knowledgeable law firm that helps investors and business owners save on their taxes. We will assist to the best of our abilities. For a consultation, contact our lawyers at 248-649-6000.