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"Does
§1031 require that I only
buy Like-Kind replacement property?"
The
"Like-Kind rule" mainly
applies to personal property,
ie: "things you can move;"
like supplies, transportation,
machinery, equipment, inventory,
etc. This means if you sell a
pizza oven in an exchange, the
new property must be
another pizza oven.
But
with
real estate,
ie: "things attached to the
ground," you can buy any
type of investment real estate
to complete your exchange. If
you sell a rental house, you could
buy an office building, a commercial
property, or even bare land. And
of course you could always buy
another rental house
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I
love your Tee-Shots! They
are very informative; I
even print them for my clients.
A lot of people don't know
anything about 1031 exchanges
and they are amazed when
I tell them what they can
and can't do.
My aunt did a 1031 exchange
with The 1031 Exchange
Experts for a property
she was buying in South
Dakota. She went with you
because nobody else had
any idea of what she was
talking about. Even the
realtor representing her
on the purchase end didn't
know anything about section
1031. This is a big area
and I am continually amazed
that it appears foreign
to most people when it should
be available information
to everyone. Tee-Shots is
one way that I can share
it with anybody I cross
paths with. Thanks!
Trudy Lovell
www.coloradolandandhome.com |
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TEE-Shots
are Tips
from the Exchange
Experts
that are designed to make you think about, and ask questions about, the 1031 exchange process.
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