Ask Experts Questions for FREE Help!
  Advanced
Register  |  Log in  
   Ask    
 Answer  
  Help  

Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
Free Answers in 3 Easy Steps

Register Now		 3 Steps

At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.

Home > Money & Services > Taxes   »   1031 exchange

Answer this Question Ask about Taxes
 
Thread Tools Display Modes
Question
 
 
#1  
Old Jan 23, 2007, 11:34 AM
yangsoo
New Member
yangsoo is offline 		 
Join Date: Nov 2006
Posts: 7
yangsoo See this member's comment history on his/her Profile page.
1031 exchange
A friend of mine bouught a townhome years ago for a capital gain.
He let his son live in there for free. He paid foe every bill himself, not his son.
Now he is selling the townhome and buying a new house also for capital gain.
Is this townhome qualified as investment property to make this sell-buy transaction 1031 exchange?

Thank you for your help!
I appreciate it!

Reply With Quote
 
     

Answers
 
 
Old Jan 27, 2007, 04:34 PM   #2  
Tax Expert
AtlantaTaxExpert is offline
 
Join Date: Feb 2005
Location: Atlanta, Georgia
Posts: 9,998
AtlantaTaxExpert See this member's comment history on his/her Profile page.AtlantaTaxExpert See this member's comment history on his/her Profile page.AtlantaTaxExpert See this member's comment history on his/her Profile page.
Technically, he could probably make the case that it qualifies for a 1031 exchange, if he could show that he "rented" the townhome to his son.

Morally and ethically, it does NOT qualify, as it is NOT a true rental or business property.
  Reply With Quote
 
     
Answer this Question Ask about Taxes

« Previous Thread | Next Thread »

Thread Tools
Display Modes
Linear Mode Linear Mode

 
Similar Sponsors

Similar Threads
Question Asker Forum Answers Last Post
air exchange system bigbadd Heating & Air Conditioning 4 Nov 20, 2006 08:48 AM
Air Exchange Leslie22 Heating & Air Conditioning 1 Nov 22, 2005 12:06 PM
Tv Pcb Exchange roydol Electronics 0 Aug 18, 2005 04:44 PM
Efficient Gas Exchange leah Biology 1 Jan 2, 2005 05:25 PM
Buy Sell and Exchange Frailty Internet & the Web 2 Mar 9, 2004 05:24 PM




Copyright ©2003 - 2007, Ask Me Help Desk.
All times are GMT -8. The time now is 08:18 PM.