1031 exchange to buy a property in Canada

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1031 exchange to buy a property in Canada

Gary B.
Hayward, CA · Member since 2017 · 133 posts · 12 votes

Hi Fellows, can I use 1031 exchange to sell a multi family property in India to buy land in Canada

?

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Dave FosterBusiness Member
Qualified Intermediary for 1031 Exchanges · St. Petersburg, FL · Member since 2013 · 9k+ posts · 9k+ votes
3y

@Gary B., As a US taxpayer you can sell non-US property and purchase other non-US property using the 1031 exchange.  US for US as @Bill B. said including those territories.  Non-US for Non-US.

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  • Stevo Sun
    Calgary, AB · Member since 2021 · 327 posts · 176 votes
    3y
    Quote from @Gary B.:

    Hi Fellows, can I use 1031 exchange to sell a multi family property in India to buy land in Canada

    ?

    1031 is not a thing in Canada. Not sure if there's something similar in India. 1031 exchange is based on US tax law. It's based on Section 1031 of the Internal Revenue Code (IRC). 
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  • Gary B.
    OP
    Hayward, CA · Member since 2017 · 133 posts · 12 votes
    3y




    @Stevo Sun thanks for response. I fat fingered my question. I want to sell multi-family home in US and trying to find out if i can do a 1031 exchange for a property / land purchase in Canada ? 

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  • Stevo Sun
    Calgary, AB · Member since 2021 · 327 posts · 176 votes
    3y
    Quote from @Gary B.:




    @Stevo Sun thanks for response. I fat fingered my question. I want to sell multi-family home in US and trying to find out if i can do a 1031 exchange for a property / land purchase in Canada ? 


     Ah I see, that's definitely a question for your CPA. I'm Canadian so I have no clue. Good luck! 

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  • David M.
    Morris County, NJ · Member since 2020 · 5k+ posts · 2k+ votes
    3y

    @Gary B.

    You might... but the 1031 would be deferring your US tax liability...  

    @Dave Foster any thoughts?

    1Reply
  • Bill B.
    Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    3y

    Nope. US property for US property. Including Guam, USVI and northern Marianas but not Puerto Rico. 

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  • Dave FosterBusiness Member
    Qualified Intermediary for 1031 Exchanges · St. Petersburg, FL · Member since 2013 · 9k+ posts · 9k+ votes
    3y

    @Gary B., As a US taxpayer you can sell non-US property and purchase other non-US property using the 1031 exchange.  US for US as @Bill B. said including those territories.  Non-US for Non-US.

    The 1031 Investor5137 Reviews
    WebsiteView Page
    2Reply
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