Whether you are looking for the perfect location for your home, office or a retail development site, or you are seeking a property to complete a tax-deferred exchange, Oasis Paradise Ventures properties will meet your needs. They provide quality real estate services to the Anderson, Greenville and Spartanburg communities.

An experienced real estate investor with quality investment properties in Anderson, Spartanburg and Greenville, SC.

To qualify for Section 1031 of the Internal Revenue Code, which allows for tax-deferred exchagnes, the properties exchanged must be held for productive use in a trade or business or for real estate investment. Stocks, bonds, and other properties are listed as expressly excluded by Section 1031 of the Internal Revenue Code, though securitized properties are not excluded. The properties exchanged must be "like-kind", i.e., of the same nature or character, even if they differ in grade or quality. Personal properties of a like class are like-kind properties. Personal property used predominantly in the United States and personal property used predominantly elsewhere are not like-kind properties.

Common Questions From Tax Payers

Real properties generally are of like-kind, regardless of whether the properties are improved or unimproved. However, real property in the United States and real property outside the United States are not like-kind properties.

Taxpayers may wonder whether items such as equipment used on a property are included in the lump-sum sale of the property, and if they are able to be deferred. Under Treasury regulation §1.1031(k)-1(c)(5)(i), property that is transferred together with the larger item of value that does not exceed 15% of the fair market value of the larger property does not need to be identified within the 45 day identification period but still needs to be exchanged for like kind property to defer gain.

Cash to equalize a transaction cannot be deferred under Code Section 1031 because it is not like-kind. This cash is called "boot" and is taxed at a normal capital gains rate.

If liabilities assumed by the buyer exceed those of the seller (taxpayer), the realized gain of the seller will be not only be realized, but recognized as well. If however, the seller assumes a greater liability than the buyer, the realized loss cannot offset any realized and recognized gain of receiving boot such as cash or other personal property considered boot.

Originally, 1031 cases needed to be simultaneous transfers of ownership. But since Starker vs. U.S. (602 F.2d 1341), a contract to exchange properties in the future is practically the same as a simultaneous transfer. It is under this case, decided in 1979, that the rules for election of a delayed 1031 originated. To elect the 1031 recognition, a taxpayer must identify the property for exchange before closing, identify the replacement property within 45 days of closing, and acquire the replacement property within 180 days of closing. A Qualified Intermediary must also be used to facilitate the transaction.

Paradise is sometimes extremely hard to get to that's why our real estate investor prides itself in bringing overflowing opportunities to meet your desires. From residential to commercial we hand pick investment properties in prime areas. Our company offers outstanding customer service our strength lies in our ability to provide you with the services of highly trained, caring professionals who are educated to provide you with property to satisfy you. CALL TODAY OR CHECK OUR LISTINGS ON WEBSITE

Proudly serving the Anderson, Greenville and Spartanburg, SC areas.