Frequently Asked Questions About 1031 Like Kind Exchanges

Disclaimer: This web site is intended to provide basic information about selected legal topics; it does not contain legal advice. Each person's legal needs are unique. The information contained at this site is provided solely for informational purposes and does not create a business or professional relationship. Although Mr. Rice is only licensed to practice law in Virginia, New York and Georgia, he may be able to assist you with an exchange in other jurisdictions. You may still need to consult with an attorney licensed to practice law in your jurisdiction before making specific legal decisions.

Q. What is a like kind exchange?

Q. Do you need an attorney or an accountant to do an exchange?

Q. Are attorneys and accountants more expensive?

Q. What do exchanges cost?

Q. Who holds the money?

Q. Shouldn't I always do an exchange?

Q. What if I change my mind? Can I "undo" an exchange?

Q. What is my tax basis?

Q. How much tax will I pay if I do not do an exchange?

Q. What is Like Kind Property?

Q. What does "held for investment" mean?

Q. How long must I hold real estate for investment to qualify for exchange treatment?

Q. What are the basic Rules of Thumb for exchanging?

Q. What is "boot?"

Q. Q. How do I "Identify" my replacement property?

Q. How many properties may I identify?

Q. Can I change my identification?

Q. Can I ever do a like kind exchange on my residence?

Q. Can I do a "reverse exchange" and acquire my replacement property before I sell the property I own?