Discussion:Like kind exchange - vehicles
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Revision as of 20:39, 9 September 2009
Discussion Forum Index --> Advanced Tax Questions --> Like kind exchange - vehicles
Discussion Forum Index --> Tax Questions --> Like kind exchange - vehicles
| 9 September 2009 | |
| My client has asked me to look into the following:
Client found truck she wants (Peterbuilt), however dealership has no use (and can't sell easily) her older Peterbuilts and won't trade them in. However, she says that dealership told her to try to sell them out right but to have the check written to the dealership in order to qualify for a 1031 exchange. I know that the vehicle can't be sold outright and cash can't be received by seller to qualify as a 1031 exchange. Do you think this will work? I plan on recommending that the title also be signed over to the dealership and that the dealership record it as a trade on the paperwork for the value of the check received. I am not sure if the dealership is willing to do this, but I think it may be necessary for a paper trail and to actually qualify for the 1031 exchange. Any other advise for my client? | |
