Does "like-kind" exchanges work bet 2 different types of investments (ex: real estate->stocks)?
I know "like-kind" exchanges (aka sect. 1031) can help you avoid paying capital gains taxes if, when selling a home you've been renting, for example, you make a new investment of equal or higher value within 180 days of the sale. I thought the new investment could be different from the one you sold, like exchanging real estate for stocks, or to start a business, etc... While some of the people I've talked to remain confident this is true, others appear just as confident that your new investment must be of the same type as the one you sold. For example, you could only sell real estate for real estate. Does anybody know who's right? Thanks.
no. 'like kind' means just that. Like kind means that you trade one type of investment property for another investment property that is like the one your getting rid of. for example one rental for another rental. You can do an exchange where only part of the exchange is like kind and that gets way more detailed than a typical like kind exchange (which is very detailed) If you are getting ready to do this, i suggest you make an appt with an enrolled agent (an enrolled agent a tax preparer who has passed special exams and proven competency.) who will have the expierence to help you with this. It is worth your time and money to do this right. if you mess this up it can cost you thousands of dollars in the long run.
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