Discussion:LIKE KIND EXCHANGE
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Discussion Forum Index --> Tax Questions --> LIKE KIND EXCHANGE
| 17 November 2005 | |
| MUST A TAXPAYER HOLD A PROPERTY ACQUIRED IN A LIKE KIND TRANSACTION TWO YEARS BEFORE SELLING/TRANSFFERING TO A PARTNERSHIP?? | |
| 22 November 2005 | |
| Is this supposed to be a trick question? Though it can be done, in a way, exchanging for a "PARTNERSHIP" interest probably would not qualify for a 1031.
It is my understanding that the IRS's safe harbor states that if the property is held for 24 months that they will not attempt to recharacterize it as not a 1031. An extraordinary circumstances case could ALWAYS be made for a shorter holding period. If a personal residence is the down property then you have a five year holding period. | |
| 28 November 2005 | |
| Butch,
Which holding period are you discussing? The period that the taxpayer held the property before doing the 1031 exchange or the new nonrecognition property? | |
| 1 December 2005 | |
| Sorry for the delay, but my system has been down. The holding period would be for the up (new) property.
Don | |
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