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Quotes of the day:
Love cannot endure indifference. It needs to be wanted. Like a lamp, it needs to be fed out of the oil of another\'s heart, or its flame burns low.
The term like-kind property refers to two real estate assets of a similar nature regardless of grade or quality that can be exchanged without incurring any tax liability. The Internal Revenue Code (IRC) defines a like-kind property as any held for investment, trade, or business purposes under Section 1031, making them a 1031 exchange. This means both properties involved in the exchange must be for business or investment purposes. Personal residences, therefore, do not qualify as like-kind properties.
Like-Kind Exchange Examples - Real Estate Tax Tips - 1031 Exchanges
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