Trust & Wealth Management1031 Like Kind Exchanges
Starker Trust allows an owner of investment or commercial real estate to defer paying taxes on real estate gains provided the property is exchanged for "Like Kind" property rather than sold for cash. "Like Kind" is all property classified as realty under State Law. Improved real estate may be exchanged for unimproved real estate and city real estate may be exchanged for rural real estate. A personal residence does not qualify as "Like Kind" property. Section 1031 of the Internal Revenue Code has definite parameters when using a Starker Trust, and Castle Bank is a Qualified Intermediary pursuant to Reg. 1.1030(g)(4) enacted under Section 1031 of the Internal Revenue Code of 1986, as amended.