1031 Exchange Clarification

A common misconception about 1031 exchanges in real estate is that “like kind” requires the exchange of the same “type” of real estate – a warehouse must be replaced with another warehouse, timbered ground for timbered ground, and so on.

But this is NOT correct.  If you sell farmland, then your choice of replacement property is not limited only to farmland to satisfy the “like kind” requirement to qualify as a 1031 exchange.

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