Hey There, Good day to all! Is it possible to do a 1031 exchange with a rental property sold in the U.K. with a rental property in the U.S? I’ve been trying to investigate this, and by no means an expert, found this info online,
According to this article:
“A like-kind property is any property held for business or investment. You may exchange a U.S. business property for another U.S. business property or a foreign investment property for a foreign investment property. You may NOT exchange a foreign property for a U.S. property or a U.S. property for a foreign property.”
It seems the answer is no. Are there any experienced investors who would concur with this?
If the 1031 doesn’t look promising in our case, what are some other options? Would a foreign tax credit work?
Thanks so much for looking at my post! Any and all advice is greatly appreciated!
@Jason Maier , Your information is correct. You may not sell a UK property and 1031 into a US property.
Thanks so much, Dave! I appreciate your input!