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Discussion Forum Index --> Tax Questions --> Experts in 1031 exch. Help!
MAPBUSINESS (talk|edits) said:
| 24 February 2006
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| Client owns apartment building that has been renting for many years. Now has opportunity to convert apartments in condos and sell them separate. Any chance of doing 1031 exchange?
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Solomon (talk|edits) said:
| 24 February 2006
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| If they are sold there is a reportable sale and no exchange unless there is a qualified intermediary identifying qualified replacement property within 45 days and taking title within 180 days - or filing deadline including extensions whichever is earlier.
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MAPBUSINESS (talk|edits) said:
| 24 February 2006
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| Thank you Solomon, I know the requirements for 1031 exch, the questions is more about Client been considered a dealer and having to report ordinary income
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Tafs76 (talk|edits) said:
| 10 March 2006
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| What if your client formed a separate corporation to do the condo conversion and then did a 1031 exchange -- selling the apartment building to the new corporation.
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