Ask The 1031 Expert Response Quality

Posted by Andy Gustafson on Tue, Jan 18, 2011

Michael submitted a question through the Ask The 1031 Expert feature on the Atlas 1031 web site. The question centered upon whether the sale of rental property owned in Australia could defer capital gains in a 1031 exchange by purchasing replacement property in the United States. The Omnibus Budget Reconciliation Act of 1989 added subsection (h)(1) of Section 1031 stating that real property located in the United States and real property located outside the United State are not property of like kind.

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Tags: 1031 exchange, 1031 foreign property, Ask The 1031 Expert

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