How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Attyadvisor Your Own Question
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 6725
Experience:  29 years of experience in General Practice, Real Estate Law and Estate Law.
68197583
Type Your Real Estate Law Question Here...
Attyadvisor is online now
A new question is answered every 9 seconds

An owner of a multifamily building is selling the property.

Customer Question

an owner of a multifamily building is selling the property. He wishes to do a 1031 exchange. Is a home in a resort community that allows for weekly rentals considered a like kind exchange. What specifically does a like kind property have to have to be considered like kind from a multifamily?
Submitted: 6 months ago.
Category: Real Estate Law
Expert:  Attyadvisor replied 6 months ago.
Can you tell me the State that your question pertains to. For some reason it is not showing up on my end.
Expert:  Attyadvisor replied 6 months ago.
A 1031 Exchange is also referred to as a Starker Exchange and allows the Seller to defer capital
gains taxes by exchanging (selling) one income producing real property for another. They are not literally an exchange of the exact same type of property.
Expert:  Attyadvisor replied 6 months ago.
This link sets out the criteria for property to qualify as a like kind exchange.
Expert:  Attyadvisor replied 6 months ago.
https://www.irs.gov/uac/like-kind-exchanges-under-irc-code-section-1031
Expert:  Attyadvisor replied 6 months ago.

You will see that 2nd homes or vacation homes for the seller's personal use would not qualify.

Please do not hesitate to ask me any additional questions that you may have with regard to this matter. If you would be kind enough to rate my service positively so I will receive credit for my work I would appreciate it.

The site does not credit the Attorneys unless the customer rates our service positively. Thank you for your consideration. Please me know if you were unhappy with my service and I will opt out for another Attorney to assist you.

Thank you for using JA! We appreciate your business.

Expert:  Attyadvisor replied 6 months ago.

Do you have any additional questions for me? I will opt out.

Related Real Estate Law Questions