Kenneth E. Garrison, J.D., LL.M. (Tax), is a broker-associate with ERA Shields Real Estate in Colorado Springs, Colo., and an exchange consultant with Investment Exchange Group based in Denver. You can reach him at 866/922-1031 or email@example.com.
Internal Revenue Code section 1031 exchanges are increasingly being used by savvy residential investors to defer capital-gains taxes. Understanding these common misconceptions about the like-kind exchange will help keep you and your client out of trouble.