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Can I do a 1031 trade for a just-constructed property to be used for rental purposes?

November 13, 2002


From:  Kinne
Date:  Thu, 10 Oct 2002

Would it yet be possible to do a 1031 trade with a rental property for a just-constructed property (residence not built by me, the potential buyer) to be used for rental purposes? Or would it have had to be rented already?

Kinne

Answer

Date:  Fri, 01 Nov 2002

Hello Kinne,

Yes, provided you donít use the property as a personal residence and start renting it shortly after the exchange is completed. (The replacement property can even have been someone elseís principal residence and converted by the buyer to a rental after the exchange is completed.)

Good luck!
Mike Gray

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