Subject: Tax-Deferred Section 1031
Date: Fri, 31 May 2002
I have some rental property that I am planning to sell and I am also buying a new home.
Am I allowed to use my new house, which I plan to use as amy primary residence, as my "upleg"?
Date: Mon, 3 Jun 2002
On property held for productive use in a trade or business or for investment qualifies for exchange treatment. To be "like kind" the property received must also meet this requirement. A principal residence is considered a personal-use asset and doesn’t qualify.
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