Personal property 1031 Exchange
Personal property can also be exchanged for other personal property of like-kind or like-class.
1031 Exchange Qualifications
Qualified Intermediary
You must select your Qualified Intermediary ("QI") and have your QI assigned into your relinquished property (sale) transaction before the transaction closes in order to preserve the tax-deferred benefits of the 1031 exchange.
Qualified Use Property
Your relinquished property (sale) and your like-kind replacement property (purchase) must be held for rental or investment or used in your trade or business in order to qualify for 1031 exchange treatment. You must have the intent to hold the properties for investment. Properties held for sale will not qualify for 1031 exchange treatment.
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