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What is the phrase when you need to purchase a piece of real estate "same like "?
Otherwise you will be taxed on how much the first one has gained in value if you inherited it. Please give me a web I can use to read up on it
Thanks
2 Answers
- Ed AtunLv 71 decade agoFavorite Answer
You are referring to a 1031 Exchange where you must replace the first property with a 2nd one which is of the same type. This is only available on "income" properties; not on your personal residence.
Originally if you sold a hotel, you had to buy the "same like" hotel. This was later expanded to include any investment property. You can sell a hotel and buy an office building.
Any of the major title companies will have 1031 information on their websites. www.firstam.com (i don't work for them)..
