Discussion:1031 Like Kind Exchange
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Revision as of 23:36, 10 February 2006; view current revision
←Older revision | Newer revision→
←Older revision | Newer revision→
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? | |
| 10 February 2006 | |
| No. The exchange must be of like kind. Meaning business to business or investment property. Not business to personal. | |
| 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 | |
