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SVTPerformance's Chain of Restaurants
Road Side Pub
1031 tax exchange on investment property
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<blockquote data-quote="sleek98" data-source="post: 15891489" data-attributes="member: 144145"><p>Incorrect. Like kind refers to how you hold the property and not what the property actaully is. Such as rental for rental, investment for investment. You will have busted your exchange and will owe back taxes, penalties and interest on the gain, it’s actaully easy for them to figure out since your giving them the road map to check. </p><p></p><p>You can exchange a rental apartment complex in California for a piece of bare land in Kansas tax free if you rent the land after the exchange.</p><p></p><p></p><p></p><p>2 years, of which to safe harbor yourself you have to have rented out the property for more than 14 days and not had more than 14 personal use days.</p></blockquote><p></p>
[QUOTE="sleek98, post: 15891489, member: 144145"] Incorrect. Like kind refers to how you hold the property and not what the property actaully is. Such as rental for rental, investment for investment. You will have busted your exchange and will owe back taxes, penalties and interest on the gain, it’s actaully easy for them to figure out since your giving them the road map to check. You can exchange a rental apartment complex in California for a piece of bare land in Kansas tax free if you rent the land after the exchange. 2 years, of which to safe harbor yourself you have to have rented out the property for more than 14 days and not had more than 14 personal use days. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
1031 tax exchange on investment property
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