In order for your primary residence to be considered for 1031 Exchange treatment it must considered as “Real Estate Held for Business” use and not “Real Estate held for personal use”. We recommend that you should be collecting rents on the property for at least 2 tax periods so that you can prove to the IRS that property is now a business. This can be tricky and several other professionals will offer up different numbers or theories as to how long you should be collecting rents on a property before it can be considered for 1031 Exchange. It is our experience in over 20 years in this industry that 2 tax periods is ample time to prove a property is a business. Better safe than sorry. Remember, the IRS controls every aspect of the 1031 Exchange. Best not to give them reasons to disqualify your 1031 exchange.
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- 1031 Exchange
- 1031 Exchange For Dummies
- I read that I can do a 1031 Exchange without a Qualified Intermediary. Is that possible?
- I’m a Realtor and have clients who want to do a 1031 Exchange, what do I do?
- My title company insists that I use their 1031 Exchange guy. We want to use someone else. What do we do?
45 day deadline 180 day deadline 1031 1031 construction 1031 Exchange 1031 Exchange a condo 1031 Exchange Gift 1031 Exchange rules acreage assumption of liability basis Boot capital gain Closing Costs constructive receipt cooperation clause depreciation Depreciation Recapture Fair Market Value Form 8824 fund security Gain without Boot Installment Notes IRS IRS Form 8824 land Like-kind like-kind exchange partnerships personal residence Primary Residence purchase and sale agreement qualified intermediary real estate Realtors relinquished rentals replacement replacement properties Second Home selling expenses starker exchange Time Constraints un-like property Water Rights