Tax-Preparer1
Level 2
‎12-07-2019 05:41 AM
 
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Just-Lisa-Now-
Level 15
Level 15
‎12-07-2019 05:41 AM
Is selling a business and commercial property a "Like Kind " exchange for multiple condos?

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IRonMaN
Level 15
‎12-07-2019 05:41 AM
It is if the business involved owning multiple condos :smile::smile:

Slava Ukraini!
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qbteachmt
Level 15
‎12-07-2019 05:41 AM
It's not a "1031 exchange" just because someone changed to the same type of property or to a different type of property.

It's a "1031 exchange" when you do it within the framework of a 1031 exchange requirements, including the services of the qualified intermediary to handle the "funds exchange" part of the process, which is an escrow activity.
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Tax-Preparer1
Level 2
‎12-07-2019 05:41 AM
What if the land was valued at $500k and the business at $100k... would the $500k in land portion of the exchange be considered for the 1031 exchange?
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qbteachmt
Level 15
‎12-07-2019 05:41 AM

The Exchange has to have already been done through the escrow process using an intermediary.

There is Nothing you can do after the fact. The 1031 exchange is a Process for how the selling and then the buying happen inside of the process. It's not a tax entry now; it was supposed to be how it happened when it happened.

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