"Jenny" <cjsh2125[at]hotmail.com> wrote:

- quote -

No questions are "stupid", especially on 1031 exchanges.

This would not qualify as a 1031 exchange since you are not
exchanging like-kind property.

Wayne Rivers, CPA

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Jenny wrote:

- quote -

for all I know there's more to a 1031 exchange than selling
and buying. You can't declare a transaction like that a 1031
exchange after the fact, it needs to be set up correctly. If
I were you I'd first read up on it and then consult with a
real estate attorney or at least an escrow company. If you
have already done eithe the buying or the selling it's
probably too late.

Maren
Palms, Etc.: Tropical Plant Seeds - Hand-made Jewelry -
Plants & Lilikoi
http://www.jach.hawaii.edu/~maren/palms_etc/
(never done a 1031 exchange, but thought about it at times)

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Jenny" <cjsh2125[at]hotmail.com> wrote:

- quote -

The short answer is "NO." A 1030 exchange is also known as
a "like-kind" exchange. While IRS has ruled that real
estate can be exchanged for real estate, regardless of use
(other than a personal residence), personal property must be
truly of a like nature. You cannot exchange real estate for
personal property under these rules.

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans

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Jenny wrote:

- quote -

Are you buying the building that the business is housed in,
or just the assets of the business?

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This might be a stupid question. if so, sorry..

If I sell a rental house and buy a business (retail), would
this transaction be qualified as 1031 exchange?

thanks

<< ================================================== ===== > << 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 (2006) - All rights reserved. > << ================================================== ===== >