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Recent Rulings on 1031 Exchanges ~
 An
article in the Wall Street Journal by Staff Reporter Ray A.
Smith sites recent rulings by the Internal Revenue Service on
1031 exchanges that " could pave the way for more investors
to conduct such transactions using property being built on vacant
land.” In the past, it has been uncertain about how the
IRS views 1031 transactions in which you, the investor, choose
to use the proceeds from a property sale to build on vacant
land. Could construction on land be considered replacement property?
Investors wondered. But the two recent rulings say these kinds
of transactions CAN qualify as 1031 exchanges.
MORE
on this at the following URL - Click HERE
A
wide variety of properties can be considered “like-kind”.
We DO have latitude and an intriguing perspective from which to
make choices under the 1031 Exchange plan. Think of it this way:
“like-kind” does NOT refer to the nature, character
or type of property. Instead, it is all about the intended use
of the property.
Provided
the property is initially acquired and held for either business
or investment purposes, it can qualify as a suitable replacement
property under IRC Section 1031. Also, real properties generally
are of a “like kind”, regardless of whether the properties
are improved or unimproved. Here are a few examples.
1031
Exchange Examples...ASK janeAnne@janeAnne.com
about current listings and possibly exchanging
*
A Professional office in Manhattan for a Mountain cabin and land
that you will lease
*
A Condo in California for Unimproved Land with a Waterfall in
the Asheville area
*
A Single family rental in Chicago for multi family rental in West
Asheville
*
Non income providing raw land in Florida for income producing
rental property in the beautiful Appalachians of Western North
Carolina
*
An apartment building in downtown Detroit for an office building
in "up-and-coming" Mars Hill, North Carolina
*
Our B&Bs ready for you to buy.
*
Horse Farms and Equine properties.
FYI: The Section 1031 Code was amended in 1989
rendering property outside the United States NON “like kind”.
Remember:
Investors do NOT have to exchange for exactly the same type of
property.
ASK
janeAnne about 1031 Exchanges janeAnne@janeAnne.com
Ask
us about the latest news on Asheville, North Carolina real estate
trends to see why we believe Asheville real estate is a wise 1031
Exchange investment for your future. And PLEASE
CHECK OUT OUR VERY SPECIAL PICKS FOR YOU IN LAND BUYS AND REAL
ESTATE INVESTMENT PROPERTIES!
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