1031 exchange

onthebay · 03-24-2006, 04:18 PM

Thanks, that was a good article. I will take it when I go to see my "tax professional".

Based upon what I have read I could also do a 1031 on my condo and roll that into the beach house at the same time.

No, that won't work because then I won't have anyplace left on the lake.

Can I do a 1031 on the wife and trade her for a "like Kind" without paying alimony?

Just Kidding (sorta)

tis · 03-24-2006, 07:21 PM

We just did a 1031 exchange. It was very simple. We owned land and the money from the sale of the land went directly to the purchase of the new property. The new property has to be of equal or higher value. You need to hire a company who specializes in this . Maybe we just happened to get a good company but they were great. Did everything just so. We didn't even need a lawyer except to do the deeds for the new property which you would need anyway. You have 45 days to identify three properties and 180 to actually purchase one of them. Hope this helps a little. Absolutely do it!

islander10 · 03-25-2006, 08:39 PM

Thanks for all of the suggestions on the 1031. We went to look at the property on the mainland. House was beautiful, view nothing like what we are used to and the boat house is too small for our boat. Boat house is 8 ft wide and boat is 8 1/2 feet wide. I would really have to go in FAST to fit!!!

Guess we will stay where we belong. Thanks again for all the help.

03-24-2006, 04:18 PM	#1
onthebay Senior Member Join Date: Sep 2005 Posts: 114 Thanks: 0 Thanked 3 Times in 2 Posts	good article Thanks, that was a good article. I will take it when I go to see my "tax professional". Based upon what I have read I could also do a 1031 on my condo and roll that into the beach house at the same time. No, that won't work because then I won't have anyplace left on the lake. Can I do a 1031 on the wife and trade her for a "like Kind" without paying alimony? Just Kidding (sorta)

Thread Tools
Show Printable Version Email this Page
Display Modes
Switch to Linear Mode Hybrid Mode Switch to Threaded Mode

03-24-2006, 07:21 PM	#2
tis Senior Member Join Date: Jan 2006 Posts: 6,841 Thanks: 764 Thanked 1,474 Times in 1,029 Posts	We just did a 1031 exchange. It was very simple. We owned land and the money from the sale of the land went directly to the purchase of the new property. The new property has to be of equal or higher value. You need to hire a company who specializes in this . Maybe we just happened to get a good company but they were great. Did everything just so. We didn't even need a lawyer except to do the deeds for the new property which you would need anyway. You have 45 days to identify three properties and 180 to actually purchase one of them. Hope this helps a little. Absolutely do it!

03-25-2006, 08:39 PM	#3
islander10 Junior Member Join Date: Apr 2005 Location: Sleepers/Florida Posts: 17 Thanks: 2 Thanked 0 Times in 0 Posts	Thanks for all of the suggestions on the 1031. We went to look at the property on the mainland. House was beautiful, view nothing like what we are used to and the boat house is too small for our boat. Boat house is 8 ft wide and boat is 8 1/2 feet wide. I would really have to go in FAST to fit!!! Guess we will stay where we belong. Thanks again for all the help.