1031 Like-kind Exchanges Questions

#2 07-26-2005, 04:48 AM

"lha" <lha_in[at]yahoo.com> wrote:

- quote -

> Do you know if I'm qualified for a 1031 Exchange by selling
> my vacant land property that I bought couple years ago for a
> residential home?

You're not.

- quote -

> The house will be used as my principal
> resident and it comes with 20 acre land. I know the
> properties aren't a perfect match but can they be considered
> a Like-Kind Exchange? I didn't see any thing reference to
> this regard on the IRS website. I'd appreciate it very much
> if someone could shed light on this for me. Thanks in
> advance for your responses.

What's to know?
It's personal use property.
End of discussion.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

#1 07-22-2005, 02:49 AM

lha <lha_in[at]yahoo.com> wrote:

- quote -

> Do you know if I'm qualified for a 1031 Exchange by selling
> my vacant land property that I bought couple years ago for a
> residential home? The house will be used as my principal
> resident and it comes with 20 acre land. I know the
> properties aren't a perfect match but can they be considered
> a Like-Kind Exchange? I didn't see any thing reference to
> this regard on the IRS website. I'd appreciate it very much
> if someone could shed light on this for me. Thanks in
> advance for your responses.

While land and buildings could be like kind, since the house
will be used as your principal residemnce, that kills the
use of Sec 1031.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

07-22-2005, 02:30 AM

"lha" <lha_in[at]yahoo.com> wrote

- quote -

> Do you know if I'm qualified for a 1031 Exchange by selling
> my vacant land property that I bought couple years ago for a
> residential home?

No. Vacant land is not "like kind" with the house you will
live in.

- quote -

> The house will be used as my principal
> resident and it comes with 20 acre land. I know the
> properties aren't a perfect match but can they be considered
> a Like-Kind Exchange?

Your personal residence is ~not~ "like-kind" with the vacant
land.

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

#-1 07-21-2005, 05:49 AM

Do you know if I'm qualified for a 1031 Exchange by selling
my vacant land property that I bought couple years ago for a
residential home? The house will be used as my principal
resident and it comes with 20 acre land. I know the
properties aren't a perfect match but can they be considered
a Like-Kind Exchange? I didn't see any thing reference to
this regard on the IRS website. I'd appreciate it very much
if someone could shed light on this for me. Thanks in
advance for your responses.

Max

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

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