Spectrus Real Estate – Like-Kind Property
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In a 1031 like-kind exchange you can exchange any real property for any other real property within
the United States or its possessions if said properties are held for productive use in trade or
business or for investment purposes. Examples of 1031 like-kind exchange property include apartments,
commercial, condos, duplexes, raw land and rental homes*. As used in IRC
1031(a), the words "like-kind" mean similar in nature or character, notwithstanding differences in
grade or quality. One kind of class of property may not, under that section, be exchanged for
property of a different kind or class. Examples of qualified 1031 like-kind properties and like-kind
exchanges:
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- apartment building for farm/ranch
- office building for hotel
- raw land for retail space
- unimproved property for commercial property
- airplane for airplane
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Examples of non like-kind properties include primary residences, stocks and bonds, notes,
partnership interests, developed lots held primarily for sale and property to be resold immediately
after initial purchase or completion of improvements.
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* Qualification for Section 1031 exchanges depends upon
the extent of personal use.
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