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Updated almost 7 years ago on . Most recent reply

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Aaron Ziebart
  • Real Estate Agent
  • Milwaukee, WI
0
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6
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1031 Exchange Like Property

Aaron Ziebart
  • Real Estate Agent
  • Milwaukee, WI
Posted

I have a client that has an investment property that is a duplex and they are selling that duplex and want to do a 1031 Exchange for a multifamily apartment building with 26 units. Would this exchange qualify? The IRS website says it is possible for a "like-kind" exchange. Like-kind property is property of the same nature, character or class. It doesn't sound like it would be, but I have some connections that say it can be done. Let me know what you all think.

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38
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Justin F.
  • Rental Property Investor
  • Chicago
37
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38
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Justin F.
  • Rental Property Investor
  • Chicago
Replied

YES - "like-kind" is broader than you are thinking.

*This post does not constitute tax advice, nor financial advice, speak with a professional*

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