The criteria for a 1031 exchange is that the property must be held for investment or for use in a trade of business. So you can’t use the property as your personal use property like your lake cabin or personal home. Properties that are held primarily for your personal use are excluded from 1031 exchange treatment because your personal use is antithetical to holding for investment or business purposes. Also you can’t exchange property that is held for inventory, or property that is held primarily for resale.
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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