- 1031 Exchanges
- Tenants-In-Common
- Exchange Details & Requirements
- Real Estate Professional
Dual Registration Program - Tax Professionals, Legal Advisors & Northland Securities1031
- About Us
- The Tax Deferred Exchange
- How to Initiate an Exchange
- 1031 Exchange Requirements
- Do's & Don'ts of 1031 Exchange Planning
- Can Your Tax Professional or Legal Advisor Be Your Qualified Intermediary?
- Exchange Terminology
- Like-Kind Property
- 1031 Qualified Property
- Delayed Exchange Deadlines
- Tenant-In-Common Interests
- Master Lease-Tenants-In-Common
- Non-Tax Reasons to Exchange
- Role & Selection of a Qualified Intermediary
- Role of a Tax Professional or
Legal Advisors - Disqualified Parties
- Tenants-in-Common Research &
Due Diligence Reports - Exchange Language
Like-Kind Property
In order to qualify for a tax deferred exchange under IRC 1031, both the relinquished property and replacement property must be of “Like- Kind.” The term “Like-Kind” refers to the nature or character of the property and not to its grade or quality. Exchangers must have held the relinquished property for investment or for productive use in their trade or business and must intend to do the same with the replacement property. Exchanges of personal property must be of the same general asset class or the same product class. Consult Northland Securities1031 as well as a qualified intermediary, tax and legal advisors to assure “Like-Kind” rules are followed.
Examples of Real Property “Like-Kind” Exchanges:
- Farm for commercial building
- Undeveloped land for income producing rental property
- Rental housing units for office building
- Commercial property for apartments
Contact Northland Securities1031 for more information regarding IRC 1031 Like-Kind Exchanges.