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FACTS: The Exchanger, who lives in Idaho, has closed on its Nevada Relinquished Property ( an investment rental home valued at $350,000) on August 1, 2017
FACTS: The Exchanger, who lives in Idaho, has closed on its Nevada Relinquished Property ( an investment rental home valued at $350,000) on August 1, 2017
FACTS–A very bright client of ours purchased two different properties a number of years ago. These two properties were in a developing area of Miami-Dade County.
The case law on this type of 1031 Exchange transaction shows that the IRS may consider the exchanger to be a «Dealer» rather than an investor which will disqualify the transaction as a 1031 exchange relinquished property sale. The case law varies in outcomes, but generally, this is not a safe way to proceed.
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