Discussion:1031 Like Kind Exchange

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Discussion Forum Index --> Tax Questions --> 1031 Like Kind Exchange

DARYLGEYER (talk|edits) said:

10 February 2006
Can a taxpayer exchange a residential rental condo for a second home that they will be using for personal vacation home?

Strange1 (talk|edits) said:

10 February 2006
No. The exchange must be of like kind. Meaning business to business or investment property. Not business to personal.

Phazer99 (talk|edits) said:

10 February 2006
If your "second home" is initially bought instead as an income property, and held as such for a reasonable time after its acquisition before being converted to personal use, then it may qualify as a tax deferred exchange

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