Through technology, our world keeps expanding, and our population is mobile. On the other hand, a property that you bought 15 years ago on 1023 Euclid Avenue in Washington State is still at the same address, in the same state.
But situations change. You are retiring to Texas – or your son who lives in Oregon has started investing in real estate, and could manage property for you, etc. The good news is: there is no 1031 ambiguity in addressing this kind of scenario.
Question 1:
Sale of a rental property in New Zealand. Trying to follow US 1031 rules.\nI claim the property on Schedule E.
Answer:
You can do a 1031 exchange from a property in New Zealand to a property any place in the world. When you exchange properties that are both outside of your country of residence, a foreign location to another foreign location is like kind. However, it doesn’t work to transfer a domestic property for an international property with a like kind 1031.
Question 2:
Does the IRS 1031 exchange be a property located in Panama for exchange in one bought in the U. S. Virgin Islands?
Answer:
If you own a property in Panama, you can exchange it to any place outside of the U.S., VI and Guam. A “foreign to foreign” transaction is like kind.
About Marilee:
Role of Marilee Hill, Registered Representative (RR) Marilee Hill is a real estate professional with a wealth of experience. When she entered into the securitized 1031 exchange field in 1999, she already had extensive experience with office and retail sales and leasing, having owned and managed her own apartment buildings and understood DSTs (Delaware Statutory Trusts) and all the rest.
Marilee, who also acted as a real estate broker, understands the human side of the business, and the value of truthfulness and transparency. Marilee knows how to wheel and deal with sponsors, brokers and dealers. Her motto is: “My clients’ success is my success”.
Please contact Marilee Hill for your next 1031 Exchange strategy.
