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An owner of a multifamily building is selling the property.

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He wishes to do a...
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: 1 year ago.Category: Real Estate Law
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1/5/2017
Real Estate Lawyer: Attyadvisor, Attorney replied 1 year ago
Attyadvisor
Attyadvisor, Attorney
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Can you tell me the State that your question pertains to. For some reason it is not showing up on my end.
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Real Estate Lawyer: Attyadvisor, Attorney replied 1 year 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.
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Real Estate Lawyer: Attyadvisor, Attorney replied 1 year ago
This link sets out the criteria for property to qualify as a like kind exchange.
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Real Estate Lawyer: Attyadvisor, Attorney replied 1 year ago
https://www.irs.gov/uac/like-kind-exchanges-under-irc-code-section-1031
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Real Estate Lawyer: Attyadvisor, Attorney replied 1 year ago

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

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Real Estate Lawyer: Attyadvisor, Attorney replied 1 year ago

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