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Generally, if you exchange business or investment property solely for business or investment property of a like-kind, no gain or loss is recognized under Internal Revenue Code Section 1031. If, as part of the exchange, you also receive other (not like-kind) property or money, gain is recognized to the extent of the other property and money received, but a loss is not recognized.

Section 1031 does not apply to exchanges of inventory, stocks, bonds, notes, other securities or evidence of indebtedness, or certain other assets

Like-Kind Properties
Properties are of like-kind, if they are of the same nature or character, even if they differ in grade or quality. Personal properties of a like class are like-kind properties. However, livestock of different sexes are not like-kind properties. Also, personal property used predominantly in the United States and personal property used predominantly outside the United States are not like-kind properties.

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.

Coming Soon! EXiT REALTY OCEAN CITY will soon add vacation rentals in the following shore communities; Sea Isle City rentals, Cape May rentals, Wildwood rentals, North Wildwood rentals, Avalon rentals, Brigantine rentals, Margate rentals,VentnorCity rentals, Atlantic City rentals and beyond

Ocean City NJ Conominiums Santa Barbara condominium, Ocean Colony, Flagship condominium, Watson's Regency condominium, Biscayne Suites, 921 Wesley Ave condominium, Gardens Plaza, Seascape condos, Beachwatch condos, Oceanside condos, Plymouth Manor condos, Homestead condos, Tthe Crossings, Sun Beach condos, Coral Sands, Ocean Reef,Tthe Nor' Easter, Bay club, 500 Bay condos The Following Information Was Provided By The Ocean City Chamber Of Commerce Ocean City, New Jersey is one of the country’s finest year-round resort islands with eight miles of beautiful beaches and bay for sunbathing, boating, fishing, jet skis and kayaking; 2.5 miles of boardwalk complete with two amusement parks, water park, go-carts, bike rentals and miniature golf; fine dining restaurants and a downtown shopping district with many unique specialty shops and stores. Whether visiting for a week, a month, summer, or a lifetime, Ocean City, NJ offers a variety of hotels, motels, bed and breakfasts, condo and home rentals to fit every guests needs. Visit one of our many real estate offices for all your sales and rental inquires. Ocean City, New Jersey is “America’s Greatest Family Resort” and because of that, it is a wonderful place for family reunions, group outings and of course, beach weddings! Our beaches, boardwalk, bay, Ferris wheels and amusement rides make beautiful backdrops for all your family photos.Throughout the year, OCNJ hosts numerous free family events all listed in our events calendar. From First Night to Night in Venice, and the Farmers Market to Evenings on Asbury Avenue, Ocean City NJ is the place to be for family fun.