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Started By
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re: 1031 Exchange Question
Posted on 12/18/20 at 1:30 pm to baldona
Posted on 12/18/20 at 1:30 pm to baldona
quote:
If OP only owned the original property for 2 weeks, how can any ‘original intent’ of the first property be determined? For all we know his original intention was to rent it out as a short term rental. He sold and is now buying a 2nd short term rental.
First property I think would be fine because he did not move into it. If the IRS gets antsy, it's going to be in regards to intention on the second property.
0
Posted on 12/18/20 at 10:37 pm to LSUFanHouston
quote:
Actually, a commercial property that's rented out and a beach residential property that is rented out, is considered similar property for those rules.
Ha I figured you’d comment, and you are right. I was going to expand and kept it short. Sure, I get that. But one guy sold a multi door apt complex and bought a beach house. This is what gets me and people want to complain about loop holes or whatever, but I mean come on. Is he renting his beach house? Sure. It’s a business I agree. Could he be working out at the apt complex gym and swimming in the pool, sure. But if these are ‘like’ businesses then we can find a ‘like’ness in any rental property.
Honestly if you ask me, where the OP screwed up is talking too much to your CPA. You never tell your cpa your recreational plans for your commercial property. If you want to open a ice cream shop to make free ice cream that’s fine, but you come up with a business plan to make money and keep the doors open and get your Cpa to help you do that...first.
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