qbteachmt
Level 15
04-17-2021
12:28 PM
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"I have been reading the Like kind exchange 1031, but I really do not understand it. That is why I reached out to the community."
My favorite articles lately have been found on Investopedia:
https://www.investopedia.com/financial-edge/0110/10-things-to-know-about-1031-exchanges.aspx
1031: "Let's sell that marina and buy a shopping center."
Not 1031: "Let's sell a lot, buy a different lot and build a vacation home."
I describe it to my clients as "carrying over the invested value to the new project."
"I also believe you have to get a qualified intermediary for 1031 exchange but this is just my opinion"
That's not just opinion; you cannot touch the funds (needs to be handled as escrow) or DIY.
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Don't yell at us; we're volunteers
Don't yell at us; we're volunteers