1033 (yes, 1033, not 1031) exchange
I have a couple of properties that are in the middle of a future development and I will have some funds that I will want to do a 1033 exchange with.
It's not so easy to find out exact details on requirements, as there's no middle man involved and my tax guy has never had one. It's obviously not so common. I will get a letter from the City, stating that it would go into eminent domain, if we hadn't come to an agreement.
On one hand, I will have a much longer time to identify another/more properties, but I just read that the qualifications for 'like property'' is much narrower than with a 1031.
Since these are 2 vacant lots that I'm selling, does that mean that I can only buy other vacant lots with the funds? My intentions are to buy another house or 3 and also renovate. Would that qualify? Or does anyone know where I can go to find out?