Discussion:1031 exchange
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Discussion Forum Index --> Consumer Questions --> 1031 exchange
Vniranjana (talk|edits) said: | 13 December 2005 |
| If I have a property in Ireland and I'm a US citizen, Can I do a 1031 exchange for the property sold in Ireland with a property in California, US. I'm sure I can't do it otherwise. Any replies to this intellectual exercise | |
EnrolledAgent (talk|edits) said: | 13 December 2005 |
| This is from IRS website - I hope this helps, probably not the answer you wanted.
http://www.irs.gov/businesses/small/industries/article/0,,id=98491,00.html Also, personal property used predominantly in the United States and personal property used predominantly outside the United States are not like-kind properties. | |
Vniranjana (talk|edits) said: | 14 December 2005 |
| Thank you | |
| 15 September 2006 | |
| Question: I have a property which I bought in dallas for 110k cash and now I am selling that property for 165k. So I have a net gain of 55k. I am now in the process of a 1031 exchange and looking for a new property to invest the money into. Is it possible to take out some if not all of the cash which I invested into the dallas property(110k) and then take the 55k and invest it into a new property (anywhere in the US) which will I will buy for atleast 165k? I do not want to be taxed and dont understand why I cant take out my 110k which I invested as cash. Any help on this issue? | |
| 19 September 2006 | |
| Ask your accountant to explain the safe-harbor language rules contained in your exchange contract. If your exchange contract does not contain a safe-harbor restriction, then the realized gain on your exchange is fully taxable. | |
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