Member Since: Oct 29th 2018
1031 Exchange Specialists Inc
Oct 29th 2018
Thank you for your article on 1031 exchanges as it is a topic few know about. And as much as we appreciate your spreading the word, it is important to do so with accuracy. For example:
1. A disqualified person extends much beyond accountant and attorney to include related persons, bankers, Realtor, any person who performed services for the taxpayer in the last 2 years, to just name a few. The list goes on.
2. Land can be exchanged for rental property. As long as state law considers property to be real property, it qualifies for a "like-kind" exchange. The type of structure, or absent a structure, has no relevance to the "like-kind" component of an exchange.
3. There is no minimum holding period in an exchange except when performed by related persons.
We are happy to provide guidance on these matters as it is impossible for a practicing CPA to be aware of all of the intricacies of a 1031 exchange.
1031 Exchange Specialists Inc.