Fejes Real Estate ? Chico Ca. 1031 Exchange info cont.
Property that does NOT qualify for a 1031 Exchange:?
Personal Residence????????????????? Land under development for resale???????????????? Construction or flips for resale
Property purchased for resale????????????????????? Inventory Property?????????????????? Corporation common stock
Bonds????????????? Notes???????????????????? Partnership Interests
How do you avoid ?boot?? -? Always replace with property of equal or greater value.? Do not trade down.
Replacement Property must be taken in the same name as the previously relinquished property. (Title must be taken the same).
Replacement Property must be ?like- kind?.? What is like kind? ? Like-kind means any improved (with house) or unimproved (bare land) real estate held for income, investment, or business.? Improved can be replaced by unimproved and vice versa.??? One property can be replaced with 2 or more properties and vice versa.? A duplex can be replaced with a 4 plex, an investment property can be exchanged for a bussines property and vice versa, etc etc?? Basically, what it boils down to is as long as you are not replacing with a personal residence you are pretty safe.? You can swap around bare lots, Single Family rentals, duplexes, 4-plexes, office space, etc etc.? Just as long as the property is for income purposes you are good to go.
Hope this helps, more to follow.
Cheers,
C-
Source: http://fejesrealestate.com/chico-real-estate-1031-exchange-info/
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