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Discussion:LIKE KIND EXCHANGE

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Discussion Forum Index --> Tax Questions --> LIKE KIND EXCHANGE


BOMBIM16 (talk|edits) said:

17 November 2005
MUST A TAXPAYER HOLD A PROPERTY ACQUIRED IN A LIKE KIND TRANSACTION TWO YEARS BEFORE SELLING/TRANSFFERING TO A PARTNERSHIP??

Butch (talk|edits) said:

22 November 2005
Is this supposed to be a trick question? Though it can be done, in a way, exchanging for a "PARTNERSHIP" interest probably would not qualify for a 1031.

It is my understanding that the IRS's safe harbor states that if the property is held for 24 months that they will not attempt to recharacterize it as not a 1031.

An extraordinary circumstances case could ALWAYS be made for a shorter holding period.

If a personal residence is the down property then you have a five year holding period.

Jeffkahn (talk|edits) said:

28 November 2005
Butch,

Which holding period are you discussing? The period that the taxpayer held the property before doing the 1031 exchange or the new nonrecognition property?

Butch (talk|edits) said:

1 December 2005
Sorry for the delay, but my system has been down. The holding period would be for the up (new) property.

Don

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