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I
know what I want to buy, but I'm
not sure where. Does that satisfy
the IRS's Identification Rule?
Identification
must be clear enough for your
average IRS agent to go from your
45-Day Identification form to
the property you have identified.
Street addresses are fine. An
identification of the main address
of a 50 unit condominium tower
without a unit number, however,
does not do this. You must identify
it as "Unit 203, Imperial
Condominium Tower, 1027 Main Street,
Smithtown, Texas."
Legal
descriptions are necessary when
the property involves bare land
that does not have a legal address.
We’ve had clients identify
property as "40 acres on
the northeast corner of Highway
71 and Interstate 100, Smith County,
Texas."
--The
Experts
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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