Broadly speaking, only real estate assets that are held for investment or business means will qualify for a 1031 Exchange. This means that primary residences will not qualify for a 1031 exchange.
You can find more information and the types of 1031
If your property is not your primary residence and you’ve held it for investment purposes, trade, or business, your property is eligible for a 1031 exchange. Properties that do not qualify include, but are not limited to, the following:
There are 5 key rules and requirements when it comes to 1031 exchanges.
1. Same taxpayer: The individual or LLC selling the existing property is the same one receiving the new property.
2. 45-day identification period: The seller has 45 days after
When going through a 1031 exchange, the first step that needs to happen is the process of finding a qualified intermediary, also known as a “Q.I.”. The qualified intermediary is the middleman throughout the entire 1031 exchange process. When find
A 1031 exchange is a like-kind exchange of investment real estate where one or more investment properties are exchanged for one or more properties of greater value. The term “1031” comes from the Section of the United States Internal Revenue Code