ALLOMONG & ASSOCIATES, P.C.

Phone: 917-946-1031

Email: tim@allomonglaw.com

Office Location: 410 West 48h Street, Suite 2, New York, NY 10036

© 2019 Allomong & Associates, P.C. All Rights Reserved.

First, Section 121 deals with the IRS rules around the sale of your primary residence whereas Section 1031 deals with investment or business-use property that is exchanged for other like-kind investment or business-use property of equal or greater value.

 

Section 121 pr...

Not so fast. To qualify for a 1031 exchange, you must hold the property after the rehab/renovation phase for (1) investment purposes, or (2) productive use in a trade or business (e.g., the business of renting). There is no “holding period” defined in the tax code, but...

 

1031 exchanges may also include non-real estate assets (personal property) such as tangible hotel beds, business equipment, franchise licenses, or domain names. These are not individual belongings or personal use assets, they must have been held for productive use in...

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