Hi - my name is XXXXX XXXXX X'm a litigation attorney here to assist you.
Certain property is ineligible as exchange property under Section 1031. Examples of ineligible exchange property include:
a) stock in trade, inventory or other property held primarily for saleb) stocks, bonds or notesc) an interest in a partnershipd) a personal residencee) a vacation or second home that is used by the taxpayer or his family for more than two weeks out of the year, or 10% of the actual number of days the property has been rented in a given year.
Thus, your transfer would not be eligible for a 1031 exchange. Here's a link to the law: http://www.law.cornell.edu/uscode/26/usc_sec_26_00001031----000-.html (see section 2).
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).