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Discussion Forum Index --> Advanced Tax Questions --> 1031 Like-Kind Exchange
Discussion Forum Index --> Tax Questions --> 1031 Like-Kind Exchange
Sreding (talk|edits) said:
| 3 November 2008
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| I have a client who owns some land in Florida and wants to sell it and use the proceeds to obtain the remaining 2/3 of a house in Massachusetts that he co-owns with siblings. The reliquished property and the exchange property are both investment property. Would this be a valid exchange or does the fact that he already has co-ownership of the new property disqualify it as like-kind?
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Riley2 (talk|edits) said:
| 3 November 2008
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| If he uses a Qualified Intermidiary, this would qualify as a 1031 exchange as long as his siblings are not living in the MA house.
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Sreding (talk|edits) said:
| 4 November 2008
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| Thanks Riley2. I just found out that my client actually lives in the house and is buying out the other 2/3 shares so that will nix the 1031 option entirely. I appreciate your quick response.
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