Prior to 2018’s tax code changes, we were able to do 1031 exchanges of non-real estate such as personal property (boats, airplanes, railroad cars, and the like). Today, 1031 exchanges are limited to real estate. However, there are certain fixtures that are incorporated into a building such as a water heater or specialty lighting that may still be eligible for rapid depreciation as if it were a separate component. Nonetheless, these items are treated as real estate fixtures for 1031 purposes.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
Defer the tax. Maximize your gain.
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