1031 Exchange and Capital Gains

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Name:Steven Hickox
Location:Denver, Colorado, United States

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Monday, December 05, 2005

1031 exchange and real property tax

Dear 1031x: In California, does a 1031 exchange of rental property carry  forward the property tax base.  I have a three bedroom single family  second home in Thousand Oaks that I would like to exchange for a similar  house or condo in San Diego.  I have owned the current property since 1979  and have a very low assessed value compared to market.
Dear M:  A 1031 exchange will defer federal and state income tax.  It has nothing to do with state and local property tax.  I hope we can help with your 1031 exchange.  Sincerely,

Steve Hickox
Attorney / President

posted by Steven Hickox | 9:22 AM