The questions here were received from interested 1031 exchangers visiting my website. I have chosen to leave the questions intact with their ambiguity, shorthand writing and misspellings so as not to act on the assumption as to what when unclear the questioner meant.
New technology is creating lots of rapid change in how business works today. However, in some ways, our world still looks like the same as it did decades ago.
For instance, if you bought a property 15 years ago in Washington state, that property is no doubt still at the same location. You, however, may be moving to another state for retirement or have a family member who's interested in managing a property. As long as there's straightforward ownership criteria and like kind eligibility, there shouldn't be any problem with a 1031 exchange for these strategies.
Yes, a 1031 exchange has to be made from one foreign property to another foreign property, or from one domestic property to another domestic property. I don't handle foreign 1031s so ask around for qualified intermediaries near you.
While you cannot exchange a primary residence outright, you can sell it under section 121. Each person on the deed can get a $250,000 exclusion from taxes. Suppose you change your primary residence to the United Kingdom: in this case you cannot swap or exchange a U.S. Virgin Islands residence for that property.
U.S. Virgin Islands tracks to the United States in terms of domestic 1031 exchanges.
Again we need to respect the like kind requirement. You will need to exchange a country outside of the U.S. or its holdings with another property in a country foreign to the U.S.
With extensive experience in real estate and specific knowledge of 1031 exchanges, Marilee Hill has helped many clients to understand the risks and the rewards that go along with this kind of deal.
She's been a property manager and a real estate broker, and Hill understands FINRA and assorted rules and regulations.
She enjoys helping clients to navigate a complex terrain when it comes to strategizing and setting up a 1031 exchange and looking for a qualified intermediary to help.
Ask Marilee Hill about your next 1031 exchange plan.