What if you own property outside of the United States and you want to utilize Section 1031 for a tax-deferred exchange of that property? Is that okay?
The short answer is, "It depends." It depends upon where your property is located and w
here the property you wish to acquire is located. Essentially it comes down to "US property for US property" and "foreign property for foreign property." The reason for this is that the code does not consider non-US property to be like-kind to US property. The Virgin Islands and Guam, though, are US territories and can be exchanged for all other US properties.
So if you're tired of that flat overlooking Paris's Parc Monceau, go ahead and exchange it for that beachfront place in Belize.
Please consider IOWA EQUITY EXCHANGE as your source for answers to your questions about Section 1031 like-kind tax-deferred exchanges. Contact us at your convenience for prompt, accurate information. Please think of us for your next exchange.
Ken Tharp
Providing Qualified Intermediary services for Section 1031 tax deferred exchanges all over the United States. Headquartered in Iowa, our services are available in Missouri, Kansas, Nebraska, Colorado, North Dakota, South Dakota, Minnesota, Wisconsin, Illinois, and all other states.
INTEGRITY. PRECISION. SECURITY.
Copyright © 2008 By Ken Tharp, All Rights Reserved. * Exchanging Foreign Property * Contact Ken Tharp for information on Section 1031 tax-deferred exchanges anywhere in the United States.
Thanks for the great advice. I will check back often. I really like the blog. I am new at blogging but I am beginning to learn quite a bit from reading blogs like the ones I find on Active Rain. If I can ever be of help just visit my blog or my website: http://yournowwhat.com
Thanks, Terry
Terry - Thanks for stopping by and for your comments. Blogging has been good for me and for lots of people here at AR. Good luck to you in your blogging and thanks for the kind words.
Ken Tharp, Iowa Equity Exchange